〈Jasper National Park, Canada〉

for theth FP

Asset Management
ReportFrom January 1, 2022 to June 30, 2022

Canadian Solar Infrastructure Fund, Inc
2-1-1 Nishi-Shinjuku, Shinjuku-ku,
Tokyo 163-0450 Japan
https://www.canadiansolarinfra.com/en/

Cleaner Energy
for the Next
Generation

Contents
00 To Our Investors
02 Financial Highlights
03 T
 rack Record of Consistent External Growth
04 C anadian Solar Group
05 U nique Aspect of the Fund
06 M
 anagement Interview
08 T
 o Carbon Neutrality
10 E
 ffort in ESG
12 P
 ortfolio
13 S ponsor Pipeline
14 P
 ortfolio Overview
16 Financial

Summary/
Information for Unitholders
17 A sset Management Report
48 B alance Sheet
50 Statement of Income
51 Statement of Changes
in Unitholders’Equity
52 N otes
61 Statement of Cash Distribution
62 Statement of Cash Flow

To Our Investors

Feature Story

On behalf of the Canadian Solar Inflastructure Fund,Inc. (hereinafter referred to as“CSIF”), I would
like to express sincere appreciation to all unitholders for their continued patronage and support.
CSIF hopes to contribute to the spread of renewable energy in order to build a sustainable economy
and society in the region while contributing to the global environment through efficient operations
that take advantage of Canadian Solar Group’s vertically integrated model.
In pursuit of these initiatives, we expect the continued understanding and support of all unitholders.
Executive Director
Canadian Solar Infrastructure Fund, Inc.
CEO and Representative Director
Canadian Solar Asset Management K.K.

Hiroshi Yanagisawa

ESG finance andJapan’
s carbonneutrality policies

P9

Financial Highlights

T r a c k R e c o r d o f C o ns is t e nt Ex t e r na l G r o w t h

Key Indicators for the 10th FP

As of Jun. 30, 2022

CSIF held ¥80.0bn (acquisition value base) as of the end of the 10th FP, making it the largest player in the listed infrastructure fund

CO2 Reduction (10th FP)

CO2 Reduction (cumulative) Oct.2017– Jun.2022

46,967,688kg-co

316,802,621kg-coDistribution Per Unit for the 10th FP

Operational Revenue for the 10th FP

2

JPY

3,903

JPY

25 PV Facilities

CSIF will continue to lead the market as the largest listed infrastructure fund by asset size.

4,060minTrack Record of Consistent External Growth (acquisition price basis)
IPO acquisitions (Oct 2017)
Acquired
13 projects with
72.7MW total
panel output

CS Mashikimachi PP

Net Income for the 10th FP

1,743min# of Projects

market.
2

Operating Income for the 10th FP

JPY

CSIF has achieved continuous growth in asset size by sourcing projects mainly from the abundant sponsor pipeline.

JPY
Total Acquisition Price

JPY

80.00bin

1,509minPanel Output of AUM

183.9MW(100Mn yen)
1,000
800

First PO (Sep 2018)
CS Daisencho PP

CS Hiji-machi
Dai-Ni PP

4th FPacquisitions

5th FPacquisitions

7th FPacquisitions

Acquired
2 projects with
2.5MW total
panel output

Acquired
2 projects with
3.2MW total
panel output

Acquired
1 project with
10.7MW total
panel output

Acquired
2 projects with
3.3MW total
panel output

115.3 426.3 13.2 439.5

45.7 485.2

485.2

8.9

CS Ogawaramachi PP

Acquired 2 projects with 60.9MW
total panel output

1,000.0
305.9 800.0 800.0 800.0

494.0

311.0

9.9

301.1

Acquired 3 projects with
30.3MW total panel
output

2nd FPacquisitions

600
400

2nd PO (Mar 2021)

200
0

IPO
Oct 2017

2nd FP（period-ending
June 2018）

3rd FP
4th FP（period-ending （period-ending
December 2018） June 2019）

5th FP
6th FP（period-ending （period-ending
December 2019） June 2020）

7th FP
8th FP
9th FP
10th FP（period-ending （period-ending （period-ending （period-ending
December 2020） June 2021） December 2021） June 2022）

Medium-term
target（Note）（Note) The medium-term target shown above is CSIF’s target as of June 30, 2022, and does neither represent a guarantee nor promise that the target
will be achieved nor when it will be achieved.

Historical and Forecasted Dividend
Since its listing, CSIF has offered a stable dividend and achieved steady increases in dividends.
（JPY）
4,000
3,000

DPU (excl. distributions in excess of earnings)

3,600

3,650

+¥50

577

1,817

Per unit distributions in excess of earnings

3,700

3,700

+¥50 708
1,340

601

3,650

3,700

3,750

924 +¥50 848

3,750

3,750

3,750

673

666

627

3,077

3,084

3,123

3,903

2,000
3,073
1,000

3,903

1,783

2,310

2,992

3,099

2,776

2,902

0

3rd FP
4th FP
5th FP
6th FP
7th FP
8th FP
9th FP
10th FP
11th FP
12th FP
13th FP（Forecast） （Forecast）（Forecast）（Note) Figures for the 11th~13th Fiscal Period are forecasts and are subject to change. They do not represent guaranteed distribution amounts.

2

3

C a na d i a n S o la r G r o up

Uniq ue As p e c t s o f t he F und

Canadian Solar Group, the sponsor of CSIF is a global company engaged in the manufacturing and sale of solar panels etc, as well as
the development and operation of solar power plants, It was established in Ontario, Canada in 2001 and has been listed on the
NASDAQ stock exchange since 2006. The company had more than 14,000 employees in 25 countries and has annual sales ofapproximately $5.3 billion (approximately 700 billion yen at current exchange rates) for the fiscal year ending December 31, 2021.
The group entered the Japanese market in 2009 and has been selling solar panels for residential and industrial uses. The sponsor has
also been involved in the development of solar power plants since the early days of renewable energy, as the Feed-in Tariff system for

Advantageous Operation Based on the Vertically-Integrated Model of the Group
Prominent knowledge acquired by the Group as the total solution provider of solar power generation is fully utilized for the operation of
CSIF. The uniqueness of the vertically integrated model of the group is shown as below.

The image of the value chain of renewable energy business at Canadian Solar Groupsolar power generation started in Japan in 2012.
Share of shipping PV modules

Bankability

Over 70GW

2020
bankablesolar panel manufacturer

Top 5

Solar power plants underdevelopment or construction

Shipped solar panels#12021 Global share

Source: Pveye June 2022,
Vis On Press Co.,Ltd.

Canadian Solar Infrastructure Fund, Inc.

intotal(Solar module segment)
Source: Bloomberg New Energy
Finance 2020 Module Bankability Survey

24GW

Approx.

ProjectownerCapture continuous growth opportunities andcreate stable cash flow

A c h i eve(panel output basis as ofMarch 31, 2022)(as of June 30, 2022)

External growth

Canadian Solar Group’s Global Operations(As of March 31, 2022)

Canadian Solar Inc.

17 countries

Module and System solutions (MSS) segment：

Manufacture PV modules

19 countries（16 factories）
Solar panel factory：4 countries

Energy segment：

Same boat equity Sponsor
supportg so
uir in

la

r pl

an t

s

Recoup development funds

Canadian Solar Projects K.K.

Develop solar power plants

Canadian Solar Asset Management K.K.
Canadian Solar O&M Japan K.K.

Solar power plant AM・O&M

Vertically Integrated Business Model
Netherlands
1 office
U.K.
1 office

Canada2 officesIndia
1 officeKorea
1 office

Germany
1 officeSpain
1 office
Columbia
1 office

Poland1 office

Stable Bank Formation
1 office

CSIF has successfully achieved obtainment of debt financing from banks including a total of 10 new financial institutions for theVietnam 1 officeacquisitions of new assets during 8th period and organized stable Bank Formation with 23 financial institutions including 3 Mega Banks,

TaiwanThailand1 office

Malaysia

Singapore
1 office
4 offices

Asset Management
O&M provider

Canadian Solar GroupJapan
6 officesItaly
1 office

Brazil1 office

Developer
Operator

Manufacturer

China
14 offices

France 1 officeU.S.

g r owac q
t h f r om

we
r po

1 office

Shinsei Bank and Sumitomo Mitsui Trust Bank appointed as the Arrangers and Co-Arrangers.This is because the credibility andoperational stability of CSIF are healthy enough for banks to provide debt financing, and we believe that additional financing for future

UAE
2 offices

acquisitions of new assets can be obtained in stable manner.

Global Offering

Chile
1 office

In the past three public offerings, including the IPO, CSIF has raised funds from both domestic and overseas investors through global
Mexico

1 officeofferings. We believe that having overseas institutional investors as unitholders will enable us to manage our assets with an awarenessSouth Africa

1 office

Australia

2 offices

Source: Compiled by the Asset Manager based on the Investor Presentation First Quarter 2022 update issued by Canadian Solar Inc,.

4of global standards and improve the liquidity of our investment units in the market. It will also contribute to stabilizing our fund-raising
capacity in the future by expanding the number of institutional and individual investors in Japan.
5

Management Inter view

influencing the composition of power sources. However, CSIF’s
Ｑ１

Management Interview

In the 10th fiscal period, dividends
increased compared to the initial forecast.
What is the background behind this?

We were blessed with good weather throughout the 10th fiscal

Aim to support the growthof Renewable Energy Industry
as the leading listed Infrastructure Fundperiod, from January through June, and the actual energy
output was substantially larger than the initial projection, at
108.23%. In particular, the frequency of curtailment mainly in
the Kyushu region decreased significantly year on year, andthere was another positive factor that progress in the
introduction of online curtailment controllers has greatly
contributed to a reduction of expected loss in variable rents.

Ｑ2

Will it be possible in the future for dividends
to increase with good results in the amountof power generated in the same way as in
the 10th fiscal period?

present performance has only been affected a little by theabove. The reason that operating revenue is not impacted isthat the electricity prices of the power plants held by CSIF are
fixed based on the Feed-in Tariff system. From the perspectiveof cost, foreign exchange fluctuations have very little direct
impact. From the perspective of asset management, althoughrising raw material prices and longer lead times have hadsome impact on repairs, etc. at power plants, there is only
minor impact on financial performance. Based on this, we
believe that CSIF’s asset management will continue to be
immune to changes in the macro environment going forward.

Ｑ4

What is the background behind the proposal
offered by an asset manager of CSIF in June
2022 regarding a merger between the
Renewable Japan Energy Infrastructure
Fund, Inc. and CSIF?

CSIF’s rent structure comprises of base rent, which is 70% of

Following the publication of a tender offer for investment units

the projected amount of power generated (page 50), andof Renewable Japan Energy Infrastructure Fund, Inc. (RJIF) the

performance-linked rent, which increases if actual amount ofsponsor company is Renewable Japan Co., Ltd. as of May 12,

power generated exceeds 70% of the projected amount of2022, the Canadian Solar Asset Management K.K. (CSAM)

power generated. Accordingly, when the actual amount ofGroup proposed the merger of CSIF and RJIF on June 16, 2022

power generated significantly exceeds the initial plan, theafter the implementation of various reviews. The CSAM Group

distribution amount will exceed the forecast amount in themade the proposal from the perspective that it would solve

same way as in the 10th fiscal period. As a result, it iseach of RJIF’s issues, namely concerns about the acquisition

anticipated that dividends per unit will also exceed the initialof new facilities and the sponsor’s negative spread. Moreover,

forecast. In contrast, when the actual amount of power

we believe that our merger proposal was of significance fromgenerated is lower than forecast, the distribution will likely be

the investors’ viewpoint as maintaining the listing of thelower than estimated. To address this situation, the dividend

underlying company would ensure income over the medium- topolicy we set is that the amount of total dividends will belong-term and that they would be able to contribute to themaintained at the initially forecasted level as much as possible

growing infrastructure fund market in the future. Unfortunately,

utilizing distributions in excess of earnings.

the proposal was to no avail because the takeover bid (TOB)
was successfully completed. However, we believe that we

Executive Director
Canadian Solar Infrastructure Fund, Inc.

How has asset management been impacted
by events since the beginning of the year,
such as the Russian invasion of Ukraine, thesignificant depreciation of the yen against
the dollar in the foreign exchange market,
and inflation?

CEO and Representative Director
Canadian Solar Asset Management K.K.

Electricity prices are now higher due to surging energy

Ｑ3

Hiroshi Yanagisawa
6

caused a stir in the market as a sector leader.

resource prices caused by the Russian invasion of Ukraine. In
addition, cost increases in thermal power generation are likely

7T o C a rb o n Ne utr a lity
PM Suga in October of 2020 set a target to achieve zero greenhouse gas emissions by 2050 in his general policy speech.
Given the policies and forecasts released by the Japanese government, CSIF believes that renewable energy may make up a larger
portion of the supply of electricity generated in Japan.
Long-term goal to reducegreenhouse emissions

Zero greenhousegas emissions
by 2050

ESG finance and Japan’s carbon neutrality policies

Pledge to maximize use ofrenewable energy sources

×

Feature Story

Commence discussions
on carbon pricing rule

Renewable energy to bepromoted as the＋main power source
in Japan’s energy mix

Investments and loans made by taking into account not only conventional financial information but also nonfinancial information, comprising environmental, social and governance factors, are called ESG finance. ESG
finance has attracted worldwide attention and in the last several years has been expanding dramatically inJapan. Needless to say, ESG finance has had a favorable impact on investments in investment units offered

Actively devise
legislation on pricing
of carbon emissions

by the Investment Corporation, loans from banks and the issuance of green bonds.
As ESG finance evolves and expands both in terms of quality and volume, moves to respond to the initiatives of the Task Force on Climaterelated Financial Disclosures (TCFD) and other opportunities for similar disclosure as well as "100% renewable" (RE100) and net carbon zerotarget setting are becoming increasingly active among global companies and issuing entities. In other words, investors and banks are positively
evaluating these ESG initiatives, while businesses also have become keenly aware of these initiatives as means to improve corporate value.
In Japan, since Prime Minister Yoshihide Suga made a policy speech in October 2020 on the establishment of goals for reducing greenhouse gas
emissions and achieving carbon neutrality by 2050, the Japanese government has been accelerating initiatives toward post-carbon society.

Increase in renewableenergy within total energy mix

Promote use ofrenewable energy

In circumstances where new currents are emerging, some forward-thinking global enterprises are now asking their business partners to set
emission reduction targets, conduct renewable energy procurement, etc. Initiatives to achieve the post-carbon society are shaping corporate
management strategies and leading to the creation of new business opportunities.

Aiming to Achieve Carbon Neutrality
In the 6th Basic Energy Plan approved by the Cabinet in October 2021, it was stated that "based on the basic premise of S+3E(Note), we
maximize the introduction of renewable energy while curbing the burden on the public and coexisting with local communities. The
16%. The government's target of renewable energy for 2030 is 36-38% of the total power supply, with solar power accounting for thewill thoroughly make renewable energy the main source of power, work on the principle of giving top priority to renewable energy, andgovernment's target power source ratio for 2030 is expected to be 36-38%, with solar power accounting for the largest share at 14largest share at 14-16%, so the role of solar power will be important for the time being.
（Note）The acronym stands for Safety, Energy Security, Economic Society, and Environment.

Breakdown of greenhouse gas Carbon emissions from electricity production makes up 35.7% of total carbon emissions in Japan, and theintroduction and wider use of renewable energy are expected to contribute towards lowering Japan’semissions in Japan(Note)carbon emissions.

Ratio of Renewable Energy in total Energy Mix Target : 36～38％
Solar power is expected to compose 14%~16% of the total renewable energy mix（%）
120

Renewable Energy Nuclear LNG Coal-fired
Oil thermal, etc. Hydrogen-Ammonia■ Solar■ Wind■ Geothermal■ Hydro5%

14～16%

100
80
60

11%

40

1%

20
0

FY2019■ Biomass

FY2030 government
renewable power
output target(breakdown within the
renewable sector)

FY2030Government target（Note）Preliminary figures for FY2020 are used, and there may be differences from the finalized FY2020 figures to be released in 2022.

8■ Energy related CO2 emissions (electricity)：36.7%■ Energy related CO2 emissions (non electricity)：47.5%■ Non energy related CO2 emissions：6.7%
2 9.2%■ Greenhouse gas emissions other than CO：

FY2020greenhousegas emissions(1.14bn tons)

5%

36.7%

Renewable energy
sources

Fossil fuel

Reduced carbon
emissions with theutilization ofrenewable energy

Based on the judgment that it is essential to conduct a comprehensive review of the regulations that serve as barriers to this process, and topromote the necessary regulatory review and expedite the review process, the government established the "Task Force for Comprehensive
Review of Regulations Concerning Renewable Energy, etc." in November 2020 in order to achieve such regulatory reform with a sense of
speed. Many requests for deregulation and removal of regulations have been submitted and studies have begun in the areas of(1)location
restrictions, (2)grid regulations, (3)market restrictions, (4)coexistence with local communities, and(5)others.

9

E ff o r t i n E S GIntroduction
Canadian Solar Asset Management K.K. (“CSAM”) serves as an asset manager of Canadian Solar Infrastructure Fund, Inc. (“CSIF”)
which invests mainly in renewable energy power generation facilities. Canadian Solar Project K.K. (“CSP”) is a developer of PV projects

Adherence to EU SFDR Article 8 disclosure requirements●

In order to prevent greenwashing(falsely claiming the sustainability of a particular product)and to create a more transparent playing
field for ESG investors in their investment decision-making, EU SFDR was created for the purpose of enhancing transparency ofand a sponsor for CSIF and CSAM. CSAM together with CSP has contributed to building a sustainable economic society in local regions

sustainable investment.

while paying a great attention to the global environment. Thus, CSAM has run its asset management business with its focus on theenvironmental aspect among the ESG initiatives. In addition, CSAM fully recognizes that considering the social and governance aspects●

Disclosure covers all information relevant to policies on sustainability risk,sustainability of financial products,and ESG factors.

in the asset management operations is also deemed extremely important by investors and fund managers in Japan and overseas with a●

C SIF is scheduled to conduct SFDR Article 8 disclosure requirements of pre-defined ESG(environmental,social,governance)factors.

focus on SRI. Under such circumstances, CSAM believes that active, appropriate disclosure of information about its initiatives will be
more important going forward; therefore, CSAM set forth its“Approach into UN PRI” as ESG basic policy late December of 2020.
CSAM has facilitated the “Contribution to the Global Environment” via an increased installment of renewable energy facilities in Japan

External Certification and Recognition Related to ESG

since IPO of CSIF. Going forward, CSAM would like to make an opportunity for SRI available for investors by “Realizing A Sustainable

On May 11, 2020, CSIF obtained Green 1 (F) rating, the highest overall rating in the JCR Green Finance evaluation, for the framework

Society” and “Vitalizing A Regional Society” as for the social and governance aspects.

we established to limit the use of funds procured through green bonds and green loans to those with environmental improvement effects.

E

Signatory to UN PRI / CSAM’s approach on UN PRI

Incorporate measures to reduce environmental impact from manufacturing solar panels

As of August 13, 2019, our asset manager, Canadian Solar Asset Management K.K. (“CSAM”), became the first Japanese asset manager

The Canadian Solar Group is focused on reducing the environmentalof a listed infrastructure fund to be a signatory to the UN PRI (United Nations supported Principles for Responsible Investment) toGreenhouse gas emissions

Manufacturing water consumption

impact from solar panel manufacturing processes such as greenhousepromote ESG (Environmental, Social, Governance) investments.

gases and manufacturing waste and water. (2017-2021)

▲ 17%

▲53%

As a signatory to the UN PRI, CSAM devised an “Approach to UN PRI Guidelines” as of the end of

Actual initiatives at CSIF’s property (CS Daisen-cho Power Plant)

December 2020 as its basic ESG policy, which can be found on CSIF’s website as of February 17, 2021.

Power plant carefully developed by protecting the rich environment of Daisen-choPower sales to renewable energy users through a Wholesale Electricity Supply
Agreement with UPDATER, Inc. and Zero Watt Power Inc.
By executing the wholesale electricity supply agreement with UPDATER, Inc (fomer Minna-denryoku, Inc.) and Zero Watt Power Inc for CSIF’s power
plants listed below, CSIF contributes to supply FIT electricity to consumers. With respect to electricity consumption of CSIF’s power plants, purchaseof clean energy derived from renewable sources have been started. CSIF believes that the fund contributes to the utilization of renewable energy.
Power Plant

Counter Party

Premium Wholesale

Purchase of clean energy

CS Marumori-machi PP

UPDATER

From February 2021

From January 2021

CS Izu-shi PP

From February 2021

From March 2021

CS Mashiki-machi PP

From December of 2021

From June 2021

From June 2021

From May 2021

CS Hiji-machi Dai-ni PP

From July 2021

From June 2021

CS Ogawara-machi PP

From May 2021

From July 2021

CS Daisen-cho PP (A)(B)

Zero Watt PowerThe first listed infrastructure fund to conduct disclosures under TCFD guidelines
Task Force on Climate-related Financial Disclosures(TCFD)was established by the Financial Stability Board(FSB)to promote transparency on
climate-related information disclosures and discuss implementation methods for financial institutions.
On February 14,2022,CSIF conducted climate-related disclosures in accordance with the guidelines of the “TCFD Recommendations” released in June

The district in which CS Daisen-cho Power Plant is located is in close proximity to
districts known for their diverse and rich ecological environments with forests,
plants and wild birds. Efforts were made to refrain from using chainsaws whendeveloping the project to avoid damaging the habitat of rare species of indigenous
falcons, while painting the fence around the site using camouflage colors.
The power plant can provide 27MWp of clean regenerated energy, equivalent toelectricity for approximately 8,000 households.

S

The Daisen Canadian Garden was constructed and donated to the Daisen-cho Town Government incommemoration of the completion of the power plant as part of our contribution to local communities under the conceptof “harmony between nature and large-scale solar power plant.” In addition, we repaired Hima Jinja
Shrine and donated an incense
holder made of white granite to
Shimpukuji Temple in the same
town.

G

Aligning the interest of unitholders with that of the Sponsor

We aim to increase unitholders’ value by aligning the interest of unitholders with that of the sponsor.

Number of units held by the sponsor and holding ratio after the offering：

56,620units （14.64%）

2017 where it is recommended to categorize disclosures by core elements; “governance”, “strategy”, “risk management” and “metrics and targets”.
10

11

Po rt f o l i o

S p o ns o r P ip e line

Portfolio Highlight

As of Jun. 30, 2022

# of Projects

25

Total Acquisition Price

PV Facilities

JPY

Panel Output of AUM

80.00

Target to achieve ¥100Bn in asset size in medium term by mainly acquiring assets from abundant sponsor pipeline

183.9

bln

MW

（Note）“Total Acquisition Price”is total of the purchase prices based on the sales and purchase agreement for each project.

Total Energy Output for the Period
10th FP Actual Energy Output / 10th FP Projected Energy Output =108.23%（MWh）Actual107.6%

25,000108.3%

20,000107.6%

15,00012,304 13,241

13,52418,00914,646

19,37020,989 21,562

21,310Under development

Total sponsor portfolio

16projects, 219.3MW

15projects, 156.6MW

31projects, 375.9MW​

Operational

Under construction

375.9MW300
200

114.0%

23,377

17,756

20,246

100
0

13.5
75.9

126.5

16.9

Operational

2022

2023

Feb.

Mar.

Apr.

May.

At IPOAt IPO（1.9MW/11.49/2024）

As of the end of 10th Fiscal Period-ended
Jun. 30, 2022

CS Shimane Hamada PP

65.6％¥40／kWh¥36／kWh¥32／kWh¥24／kWh¥21／kWh

Light blue box for JGIF’s projects

CS Gunma Takasaki KG PPCS Gunma CC PP（21.0MW/11.99/2025）

CS Fukuyama-shi PP

CS Gunma Minakami Dai-ni PP

CS Hiroshima Suzuhari PP

CS Nagano Omachi PP（17.8MW/17.97/2022）（3.0MW/10.89/2024）

CS Miyagi Kami-machi PP（80.0MW/10.76/2026）

CS Shichikashuku-machi PP（2.2MW/18/2023）（9.2MW/36/2020）

CS Fukushima Sabara PP（3.0 MW/10.14/2025）（3.0MW/10.79/2024）

49.0

0.9

FIT period: 12 years

1.2 11.9

3 27.3 12.9
1.7

400
7.5

（1.2MW/32/2023）

CS Ibaraki Kurusu PP（13.0MW/36/2021）

790.3
500.2

600
500

53.4

CS Tochigi Kitsuregawa PP（11.3MW/24/2022）

CS Fukuoka Tagawa PP

CS Ibaraki Takamihara PP（0.7MW/18/2023）（1.2MW/11.99/2024）

CS Oita Munechika PP（JPY billion）
800

2.3

CS Azuma Kofuji PP（100.0MW/36/2022）

CS Miyako-machi Saigawa PP

300

40
20
39
20
38
20
37
20
36
20
35
20

34
20

22
20

200

514.9
495.8 488.9

470.9
359.6

464.7 455.7
420.7 426.7

338.6
304.4

771.7
763.6

CS Kumamoto Mashiki Dai-ni PP

738.6

CS Kumamoto Yamato PP

752.7

724.1

3rd
FP

（1.2MW/18/2023）（1.5MW/32/2019）

CS Kama-shi PP

As of 2017, the FIT system changed to the auction system. The
Sponsor participated in 9 auctions and made successful gids for

4th
FP

5th
FP

6th
FP

7th
FP

8th
FP

（13.5MW/32/2021）

CS Higashikagawa Dai-ni PP

CS Saitama Kumagaya PP

CS Higashikagawa PP

CS Shizuoka Gotenba PP（2.1MW/18/2023）（2.2MW/36/2017）

CS Ibaraki Kasama PP（29.9MW/13.47/2025）（2.6MW/18/2023）（2.0MW/18/2023）（2.0MW/27/2023）

Track record of participation in FIT auction bidding by sponsor group (as of June 30, 2022)

453.5

311.1

IPO 2ndFP

CS Okayama Shinyubara PP（8.1MW/32/2023）

Book value

Valuation price

Pink box for Bridge Fund projects

CS Aomori Maita PP（24.5MW/14.49/2022）（1.2MW/18/2022）

Historical Valuation and Book Value(after depreciation)

700

6.3

Total

CS Hokkaido Bihoro PP

CS Yamaguchi Aiofutajima PP

25.9％■ CS Hiji-machi Dai-ni PP■ CS Mashiki-machi PP■ CS Daisen-cho PP (A & B)

■ CS Mashiki-machi PP■ CS Daisen-cho PP (A & B)
■ CS Izu-shi PP

Projects reaching FIT expiration
after 2034

20

12

● Under development（8.0MW/14.25/2023）

14.8％

22.2％

40

0

2025-

CS Yamaguchi Hofu PP

8.8％

Remaining FIT period of projects-undermanagement (panel output basis)

60

29.0％

38.8％

3.5％
5.4％

● Under construction（1.9MW/21/2022）（3.4MW/40/2020）

80

2024

143.4

（2.5MW/18/2021）

CS Tottori Daisen Dai-ni PP

As of the end of 7th Fiscal Period-ended
Dec. 31, 2020

■ CS Mashiki-machi PP■ CS Minami Shimabara-shi PP (east & west)■ CS Hiji-machi PP

156.6
75.9

Lower row in each box ; size (MW)/ FIT price in JPY/ anticipated COD

Jun.

Historical Portfolio Diversification (panel output basis)

（MW）
100

134

（Note）Include assets owned by Japan Green Infrastructure Fund (JGIF) and third-party bridge fund.

● Operational

5,000
Jan.

9.2

Sponsor Pipeline Map(Including Projects Owned by JGIF and Bridge fund )10,0000

As of Jun. 30, 2022

Under development

400

109.7%

102.7%

Operational and under construction（MW）(8th FP (corresponding period of the previous year) :100.49%)
Projected

Operational Start Year and Status of Sponsor Portfolio Assets

9th 10thFP
FP

projects totaling 180.36 MW. Canadian Solar has the largest
capacity of successful bids until the 11th auction.

List of successful bids as FIT auction

Total capacity of 180.36 MW in successful bids,
the HIGHST out of all participants from the 1st to 11th auctions

13

Po rt f o l i o O v e r v ie w

As of Jun. 30, 2022

S-01

S-02

S-03

S-04

S-05

CS Shibushi-shi PP

CS Isa-shi PP

CS Kasama-shi PP

CS Isa-shi Dai-ni PP

CS Yusui-cho PP

List of Power Plant Assets
No.

S-06

S-07

S-08

CS Isa-shi Dai-san PP

CS Kasama-shi Dai-ni PP CS Hiji-machi PP

Project nameLocation

Acquisition
price（million yen）

Price（million yen）

Investment
nt ratio（％）

Paneloutput（kW）

Curtailment
rules

Online curtailment
system status

S-01 CS Shibushi-shi PP

Shibushi-shi, Kagoshima

540

494

0.6

1,224.00

30-day rule○

S-02 CS Isa-shi PP

Isa-shi, Kagoshima

372

329

0.4

931.7730-day rule○

S-03 CS Kasama-shi PP

Kasama-shi, Ibaraki

907

921

1.2

2,127.84

30-day rule

S-04 CS Isa-shi Dai-ni PP

Isa-shi, Kagoshima

778

683

0.9

2,013.99

30-day rule

○

S-09

S-10

S-05 CS Yusui-cho PP

Aira-gun, Kagoshima

670

589

0.8

1,749.30

30-day rule

CS Ashikita-machi PP

CS Minamishimabarashi PP (East & West)○

S-06 CS Isa-shi Dai-san PP

Isa-shi, Kagoshima

949

845

1.1

2,225.08

30-day rule○

S-07 CS Kasama-shi Dai-ni PP Kasama-shi, Ibaraki

850

795

1.0

2,103.75

30-day rule

1,029

913

1.2

2,574.99

30-day rule

○

S-11

S-12

S-13

S-14

S-15

CS Minano-machi PP

CS Kannami-cho PP

CS Mashiki-machi PP

CS Koriyama-shi PP

CS Tsuyama-shi PP

S-16

S-17

S-18

S-19

S-20

CS Ena-shi PP

CS Daisen-cho PP(A)/(B)CS Takayama-shi PP

CS Misato-machi PP

CS Marumori-machi PP

S-08 CS Hiji-machi PP

Hayami-gun, Oita

S-09 CS Ashikita-machi PP

Ashikita-gun, Kumamoto

989

891

1.2

2,347.80

30-day rule○

CS MinamishimabaraS-10 shi PP（East & West）

Shimabara-shi, Nagasaki

1,733

1,610

2.1

3,928.86

30-day rule○S-11 CS Minano-machi PP

Chichibu-gun, Saitama

1,018

1,024

1.3

2,448.60

30-day ruleS-12 CS Kannami-cho PP

Tagata-gun, Shizuoka

514

504

0.7

1,336.32

30-day ruleS-13 CS Mashiki-machi PP

Kamimashiki-gun, Kumamoto

19,751

19,99426.2

47,692.62

30-day ruleS-14 CS Koriyama-shi PP

Koriyama-shi, Fukushima

246

227

0.3

636.0030-day rule

S-15 CS Tsuyama-shi PP

Tsuyama-shi, Okayama

746

680

0.9

1,930.50

30-day rule○S-16 CS Ena-shi PP

Ena-shi, Gifu

757

746

1.0

2,124.20

360-hour rule○

Saihaku-gun, Tottori

10,447

9,320

12.2

27,302.40

30-day rule

13th FP（Scheduled)

S-18 CS Takayama-shi PP

Takayama-shi, Gifu

326

294

0.4

962.28360-hour rule○S-19 CS Misato-machi PP

Kodama-gun, Saitama

470

413

0.5

1,082.88

30-day rule

850

738

1.0

2,194.50

Unlimited andUncompensated rule

○

4,569

4,091

5.4

10,776.80

30-day rule

13th FP（Scheduled)

S-17

CS Daisen-cho PP（A）（B）

S-20 CS Marumori-machi PP Igu-gun, Miyagi
S-21 CS Izu-shi PP

S-21

S-22

S-23

S-24

CS Izu-shi PP

CS Ishikari
Shinshinotsu-mura PP

CS Osaki-shi Kejonuma PP CS Hiji-machi Dai-niPower Plant

Izu-shi, Shizuoka

○

S-22

CS Ishikari
Shinshinotsu-mura PP

Ishikari-gun, Hokkaido

680

599

0.8

2,384.64

Unlimited andUncompensated rule

○

S-23

CS Osaki-shi
Kejonuma PP

Osaki-shi Kejonuma

208

193

0.3

954.99Unlimited andUncompensated rule○S-24 CS Hiji-machi Dai-ni PP Hayami-gun, Oita

27,851

26,78135.1

53,403.66

30-day rule○S-25 CS Ogawara-machi PP Shibata-gun, Miyagi

2,745

2,687

3.5

7,515.35

Unlimited andUncompensated rule○80,001

76,365−−

S-25

CS Ogawara-machi
Power Plant

Total

100.00 183,973.12（Note）“Price”refers to the median project valuation report amount, which is the estimated values provided to us by PricewaterhouseCoopers
Sustainability LLC（S01 – S18）and Kroll, LLC.
（S-19 – S-25）in its project valuation reports as of June 30, 2022.

14

15

Ⅰ. Asset Management Report
Ⅰ. Asset
Management
ReportⅠ. Asset
Management
Report
1. Overview of Fund Operation(1) Historical Operating Result of the Fundof FundOperation
1. Overview
of FundOperation
1. Overview

F i n a nc i a l Sum m a r yOperating Revenue(in JPY
mln)
FiscalPeriodFinancial Soundness Attributed to Fixed Interest Rate Conversion / LTV Level is Under Stable Controls
As of Jun. 30, 2022

Fixed-to-variable interest rate ratio

DSCR

LTV

100.00

2.49

50.18

%

%

（Note）“Fixed-to-variable interest rate ratio”refers to the ratio of fixed interest rate liabilities to total interest-bearing liabilities at that time.
Variable interest rate liabilities that were converted to fixed interest rate liabilities through interest rate swap agreements were deemed as fixedinterest rate liabilities.

Subject to Rating

Renewal Date

Long-term Issuer Rating

August 10, 2022

A

StableJapan Credit Rating Agency, Ltd.

The 1st Unsecured Investment
Corporation Bond (only for Qualified
Institutional Investors)

August 10, 2022

Aー

Rating and Investment Information, Inc.

Long-term Issuer Rating

July 27, 2022

A-

StableRating Outlook

Loan（short-term）

Loan（long-term）

30,00010,000
0

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

（Note）Amount after 2022 is based on the forecast as of August 16, 2022.

I n fo rm a t i on f o r Unitho ld ers
Memorandum for Unitholders
End of fiscal period
Dividend payment record date
Listed financial instruments exchange
Unitholders’meeting

Public announcement newspaper

Administrator of unitholder list etc.
[Contact information]

16

June 30 and December 31

June 30 and December 31（payment is to be made within 3 months after the date）
Tokyo Stock Exchange（securities code: 9284）
Once a every 2 years

Nihon Keizai Shimbun（Nikkei）

Sumitomo Mitsui Trust Bank, Limited

Izumi 2-8-4, Suginami-ku, Tokyo 168-0063
Sumitomo Mitsui Trust Bank, Limited
TEL: 0120-782-031

7th FP

9th FP

Fr. Jan. 1, 2021
To Jun.
8th 30,FP2021

8th FP

49,052
21,59249,052(0.2)(0.6) (0.2)

Interest-bearing
Liabilities(in JPY mln)
Total Distribution(in JPY
mln)
Interest-bearing
Liabilities(in JPY mln)
Net Asset Valueper (in
Unit(Base price) (in JPY)
Distribution
per
Unit
JPY)
Net Asset Value per Unit (Base price) (in JPY)
Total
(in JPYmln) earnings, in JPY)(DPUDistribution
excl.
in excessTotaldistribution
Distribution(in JPYofmln)

93,9983,70093,998
855
2,992
855

93,3973,70093,397
855
3,099
855

Total Net AssetsLiabilities(in JPY mln)JPY mln)
Interest-bearing
Total Net Assets (in(inJPY mln)(vsAssetprior FP)(%)per Unit (Base price) (in JPY)
Net
Value
(vs prior FP) (%)

Distribution
per
Unit (inofJPY)(Distribution
in excessearnings
per unit, in JPY)
Distribution
per Unit(in JPY)(DPU
excl.
distributionin4)excessof earnings, in JPY)
Return on
Assets(%)in excess(DPU
excl. (Notedistributionof earnings, in JPY)

[Other Information]
Numberof Invested
Asset as of End of FP[OtherInformation]
Number of Days
for FP (days)
Depreciation
Expenses(in JPY
mln)
Number of Days for
FP (days)

20,000Fr. Jul. 1, 2020
To Dec.
7th 31,
FP 2020

49,132
21,73149,132(1.9)(0.7) (1.9)(vs priorFP) (%)[OtherInformation](vs prior FP) (%)
Distribution
PayoutRatio(Note 4) (%)
Numberof DaysforPayout
FP (days)
Distribution
Ratio (Note 4) (%)

40,0008th FP(vsFP) (%)(vs prior
prior(%)FP) (%)(vsFP)
prior(annualized
ratio) (%)(%)(annualized
ratio)(annualized
ratio) (%)
Returnon
Capital(Note4) (%)
CapitalReturn
Ratio
(Note
4)
(%)
on Capital(Note 4) (%)(annualized
ratio)(%)(vs priorFP)(%)(annualized ratio) (%)
CapitalRatioPayout(Note 4)Ratio(%)
Distribution
CapitalRatio (Note (Note4) (%)4) (%)

Bond

6th FP

7th FP

10th FP

Fr. Jul. 1, 2021
To Dec.
9th 31,
FP 20219th FP

Fr. Jan. 1, 2022
To Jun.
10th30,FP2022

10th FP

2,331
2,413
3,425
3,587
4,060
Fr. Jan. 1, 2020
Fr. Jul. 1, 2020
Fr. Jan. 1, 2021
Fr. Jul. 1, 2021
Fr. Jan. 1, 2022
1, 2020
1, 2021
To Jun. Fr.
30,Jan.
20201, 2020
To Dec. Fr.
31,Jul.
2020
To Jun. Fr.
30,Jan.
20211, 2021
To Dec. Fr.
31,Jul.
2021
To Jun. Fr.
30,Jan.
20221, 2022
(Rental revenue of renewable energy power
To Jun.
30, 2020 To Dec.
31, 2020 To Jun.
30, 2021 To Dec.
31, 2021 To Jun.
30, 2022
2,331
2,413
3,425
3,587
4,060
plants,outofoperatingrevenue)
(in
JPY
mln)
Operating Revenue (in JPY mln)
2,331
2,413
3,425
3,587
4,060
Operating Revenue (in JPY mln)
2,331
2,413
3,425
3,587
4,060
OperatingExpense
JPY mln)energy power
1,490
1,555
1,966
2,242
2,316
(Rental revenueof (inrenewable
2,331
2,413
3,425
3,587
4,060
(Rental revenue of renewable energy power
plants, out of operating revenue) (in JPY mln)
2,331
2,413
3,425
3,587
4,060
(Expense
for rental
renewableenergy(inpower
plants,out ofof
operatingrevenue)
JPY mln)
1,362
1,409
1,781
2,033
2,090
plants, outExpenseof operating
expense)Operating(in JPYmln) (in JPY mln)
1,490
1,555
1,966
2,242
2,316
Operating Expense (in JPY mln)
1,490
1,555
1,966
2,242
2,316
Operating/ Loss(-) (in JPYenergymln) power
840
858
1,459
1,344
1,743
(ExpenseIncome
for rentalof renewable
1,362
1,409
1,781
2,033
2,090
(Expense for rental of renewable energy power
plants, outof operating
expense)(in
JPY mln)
Ordinary
Income(-)(in JPY
mln)
692 1,362
717 1,409
1,074 1,781
1,123 2,033
1,509 2,090
plants,out/ Lossof operating
expense)(in JPY mln)
Operating
Income/(-)Loss(-) (inmln)
JPY mln)
840
858
1,459
1,344
1,743
Net
Income
/
Loss
(in
JPY
691
716
1,073
1,122
1,509
Operating Income / Loss (-) (in JPY mln)
840
858
1,459
1,344
1,743
Ordinary Income/ Loss(-)(Note(in JPY
mln)
692
717
1,074
1,123
1,509
Unitholders’Capital
(net)
5)
(in
JPY
mln)
21,03920,87639,31738,96038,632
Ordinary Income / Loss (-) (in JPY mln)
692
717
1,074
1,123
1,509
Net
/ Loss(-) (in
JPY(unit)
mln)
691
716
1,073
1,122
1,509
TotalIncome
numberof units
issued231,190
231,190386,656
386,656
386,656
Net Income/ Loss(-) (in JPY mln)
691
716
1,073
1,122
1,509
Unitholders’Capital(net)5) (in JPY mln)
21,03920,87639,31738,96038,632
Total Assets(in JPYCapitalmln) (Note49,132
49,052
84,29980,63379,475Unitholders’(net) (Note 5) (in JPY mln)
21,03920,87639,31738,96038,632
Total
numberofunits issued (unit)
231,190
231,190386,656
386,656
386,656(vs priorFP)number
(%)
(1.9)
(0.2)
71.9
(4.3)
(1.4)
Total
of units issued (unit)
231,190
231,190386,656
386,656
386,656

Fiscal Period(Distribution inexcessof earnings per unit, in JPY)
(annualized
ratio)(%)(Distribution
in excess of earnings per unit, in JPY)
Return on
Assets(Note4) (%)
Returnon
Capital(Note(%) 4) (%)
Return on Assets4)(NoteHistorical Balance of Interest-bearing Debt
（JPY million）
50,000To Jun.
6th 30,FP2020Total(in JPYmln)mln)
Total Assets
Net
Assets(in (in
JPY
Total
Assets
JPY mln)

Credit rating
Rating Agency

6th FP(1) Historical Operating
Result of the FundFiscalPeriod(1) Historical
OperatingResult of the Fund
Fr. Jan. 1, 2020

Number (inof Invested
Asset as of End of FP
CAPEX
JPYof
mln)
NumberInvested Asset as of End of FP
Depreciation
Expenses(in JPY
mln)
Rental
NOI
(Note
4)
(in
JPY
mln)(in
Depreciation Expenses
JPY mln)
CAPEX(in JPY
mln)
FFO (Funds
from
CAPEX
(in Operation)
JPY mln) (Note 4) (in JPY mln)
Rental
NOI
(Note
4) 4)
(in(inJPY
mln)
FFO per
Unit
(Note
JPY)
RentalNOI (Note
4)(in JPY mln)

21,731
26,931
21,731(0.7)
93,998(0.7)
26,93185526,931

3,700
708 3,700
2,992
1.4 2,992
708
2.8
1.4
3.2
2.8
6.4
3.2
44.2
6.4
0.5

44.2
100.0

708
1.4
2.8
3.2
6.4

40,08239,93740,082(0.8)
103,665(0.8)
39,937
1,44939,937

40,14238,80540,1420.1
103,8180.1
38,805
1,50938,805

3,700
601 3,7003,700
924 3,700

3,750
848 3,750

3,9033,903

3,099
1.5 3,099
601
2.9
1.5
3.3
2.9
6.6
3.3
44.0
6.6
(0.2)

21
182
911

182

911
1,881

21
911

10
1,604
10
1,881
6,938 1,881

79,47540,14279,475(1.4)
0.1 (1.4)

40,391
43,37640,391
87.1
104,463
87.1
43,3761,43043,376

44.0
100.0

21
10

80,63340,08280,633(4.3)(0.8) (4.3)

21,592
27,142
21,592(0.6)
93,397(0.6)
27,14285527,142

44.2

0.5
0.5
100.0
182 100.0

84,29940,39184,299
71.9
87.1 71.9

601
1.5
2.9
3.3
6.6

104,4633,700
104,4631,430
2,776 1,430

2,776
1.6 2,776
924
3.2
1.6
3.5
3.2
7.0
3.5
47.9
7.0
3.9

44.0

47.9
100.0

23
184
913

184

(0.2)
(0.2)
100.0
184 100.0

23
44
913
1,918

23
913

44
1,630
44
1,918
7,053 1,918

924
1.6
3.2
3.5
7.0

103,665
3,750
103,665
1,449
2,902 1,449
2,902
1.4 2,902
848
2.7
1.4
2.8
2.7
5.5
2.8
49.7
5.5
1.8

47.9

49.7
100.0

25
181
1,258

181

3.9
3.9
100.0
181 100.0

25
107

25

1,258
2,902 1,258

107
2,332
107
2,902
6,031 2,902

848
1.4
2.7
2.8
5.5

103,818
3,903
103,818
1,509
3,903 1,509
3,903
1.9 3,903
3.81.9
3.8
3.8
7.6
3.8
50.5
7.6
0.8

49.7

50.5
100.0

25

25

184
1,451

184

181
1,452

1.8
1.8
100.0
184 100.0

25
56

25

1,451
3,005 1,451

56
2,574
56
3,005
6,658 3,005

1.9
3.8
3.8
7.6
50.5

0.8
0.8
100.0
181 100.0

25
32

181

25
1,452
3,422
1,452
32
2,961
32
3,422
7,660 3,422

FFO (Funds fromLiabilities
Operation)(Note4) (in
JPY mln)
1,604
1,630
2,332
2,574
2,961
Interest-bearing
Ratio
(Note
4) (%)
54.8 1,604
55.3 1,630
51.5 2,332
49.5 2,574
48.8 2,961
FFO (Funds from Operation)(Note4) (in JPY mln)
(Note1) Fiscal
periodsof 4)
the(infund
are six months for January 1 to June 30 and6,938
July 1 to December 317,053
every year.
FFO
per Unit
(Note
JPY)
6,031
6,658
7,660
FFO
per
Unit
(Note
4)
(in
JPY)
6,938
7,053
6,031
6,658
7,660
(Note 2) Consumption taxes are not included in the operating revenue etc.
Interest-bearing
Liabilities
Ratio(Note 4) (%)
54.8
55.3
51.5
49.5
48.8
(Note
3) Unless otherwise
described,
the numbers
are rounded down and the ratio
are rounded up or down.
Interest-bearing
Liabilities
Ratio (Note4) (%)
54.8
55.3
51.5
49.5
48.8
(Note
calculation(Note 4)
1) TheFiscalperiods ofmethods
the fundareareas
sixbelow.
months for January 1 to June 30 and July 1 to December 31 every year.
1) Fiscaltaxes
periods
theincluded
fund areinsix
for January
1etc.
to June 30 and July 1 to December 31 every year.
(Note 2)(NoteConsumption
areofnotthemonths
operatingrevenue
Return on Assets
Ordinary
Income / { (Total Assets at Beginning of FP + Total Assets at End of FP) / 2 } x 1002) otherwise
Consumption
taxes areincludedthe operating
revenueetc. are rounded up or down.
(Note 3)(NoteUnlessdescribed,
thenotnumbers
areinrounded
down
and
the
ratio
Returnon Capital
Net
Income/ { and(NettheAssetsof FP+ Net Assets at End of FP) / 2 } x 100
3) Unlessotherwise
described,
the numbers are rounded
down
ratio atareBeginning
rounded up
or down.
(Note 4)(NoteThe calculation
methods areas below.
(Note4) Thecalculation methods are as below.
CapitalRatio
Net Assets at End of FP / Total Assets at End of FP x 100
Return on Assets
Ordinary Income / { (Total Assets at Beginning of FP + Total Assets at End of FP) / 2 } x 100
Distribution
PayoutRatio
DPU excl.
distribution
in excessof Assets
earnings
Net Income
100
Returnon Assets
Ordinary
Income/ { (Total
at /Beginningof xFP+ Total Assets at End of FP) / 2 } x 100
Return on Capital
Net Income / { (Net Assets at Beginning of FP + Net Assets at End of FP) / 2 } x 100
Rental NOI
Rental Revenue
for renewableenergypower generation
facilities– Rentalrenewable energy power
Return on Capital
Net Income/ { (Net Assets
at Beginningof FP + Net
Assetsat End Expensesof FP) / 2 }forx 100
Capital Ratio
Net Assets facilities
at End of+FP/ Total Assets
at End of FP x 100
generation
Depreciation
ExpensesCapital Ratio
Net Assets at
End of FP / Total
Assets at End of FP x 100
Distribution Payout Ratio
DPUIncomeexcl. distribution
in excessof earnings/ Net
Income
x 100
FFO
Net
+
Depreciation
Expenses+Profit
from
sales
of
renewableenergypower
generation
facilities
Distribution Payout Ratio
DPU excl. distribution in excess of earnings / Net Income x 100
RentalNOI
RentalRevenue
forofrenewableenergygeneration facilities – Rental Expenses for renewable energy power
FFO per
unit NOIFFO / The
numbertotalforissued
units power
RentalRentalRevenue
renewableenergypower
generation
facilities–
RentalExpensesforrenewable energy power
generation facilities + Depreciation Expenses
Interest-bearing Liabilities Ratio
Interest-bearing
Liabilities
Assets x 100
generation
facilities/ Total+ Depreciation
ExpensesFFO
Net Income + Depreciation Expenses + Profit from sales of renewable energy power generation facilities
FFO
Income+ Depreciation
Expenses(Note 5) Deductible
amount for unitholders’ capital is deducted from the Net
grossamountof unitholders’capital. + Profit from sales of renewable energy power generation facilities
FFO per unit
FFO / The number of total issued units
FFO per unit
FFO / The number of total issued units
Interest-bearing Liabilities Ratio
Interest-bearing Liabilities / Total Assets x 100
Interest-bearing Liabilities Ratio
Interest-bearing Liabilities / Total Assets x 100(Note 5) Deductible amount for unitholders’ capital is deducted from the gross amount of unitholders’ capital.
(Note 5) Deductible amount for unitholders’ capital is deducted from the gross amount of unitholders’ capital.

17
17

17

Ⅰ. Asset Management Report(2) Overview of the Fiscal Period under Review
a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money invested of 150
million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “Asset Manager”) as the founder under the
Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including subsequent amendments; hereinafter referred to as
the “Investment Trusts Act”). Registration with the Kanto Local Finance Bureau was completed on June 9, 2017 (registration number 127,
filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment units on Tokyo
Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on October 30, 2017 (security
code: 9284), and issued new investment units (2,890 units) through third-party allotment on November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued new investment
units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment units (3,966
units) through third-party allotment on April 7, 2021.
As a result of the above, the total units issued at the end of the fiscal period under review (as of June 30, 2022) were 386,656 units.
b. Investment Environment and management performance for the fiscal period under review
During the fiscal period under review, Japan’s economy performed better than expected in the preliminary estimate or the consensus
estimate of economists surveyed by Bloomberg, with real GDP in January-March 2022 declining by 0.1% quarter on quarter (0.5% on anannualized basis). Although Japan continues to see a certain level of coronavirus cases and deaths, a “living-with-COVID-19” policy ofreopening the economy whilst accepting certain levels of infection is gaining traction, partly thanks to the rollout of booster shots, and, as aresult, a tendency towards a recovery in economic activity driven by the consumption of services is expected to accelerate.
On the other hand, it is feared that Russia’s invasion of Ukraine will have global impacts on supplies of energy and agriculturalcommodities and, with Europe in particular teetering on the brink of an energy crisis, downside risks to the economic outlook have increased
significantly. Russian energy resources account for 3.7% of Japan’s primary energy consumption and, from a mid- to long-term perspective,
Japan is once again under pressure to secure non fossil fuel energy sources. Furthermore, Ukraine is one of the world’s largest producers ofgrain, making an especially significant contribution to global production for barley, wheat and potatoes. Soaring grain prices as a result ofgrain shortages are, therefore, anticipated, with the impact on the Mediterranean Region and developing countries causing particularconcern.
Looking at the monetary policies of central banks around the world, the FRB aggressively tightened its monetary policy stance, with theFederal Open Market Committee (FOMC) deciding at its meeting on 14–15 June 2022 to raise the target range for the federal funds rate by
75 basis points to 1.50–1.75%. Meanwhile, at the Monetary Policy Meeting on June 16-17, 2022, the BOJ maintained its current monetary
policy. As a result, unlike many central banks that are raising interest rates, Japan is keeping interest rates low. Consequently, the yen has
continued to weaken sharply against other major currencies since March 2022, creating a situation that will also have impacts for corporate
earnings in the future.
Meanwhile, during the fiscal period under review, conditions on the Infrastructure Fund Market were such that investment corporations
maintained comparatively stable business operations despite the economic environment described above. The TSE Infrastructure Fund Index
also fluctuated in a comparatively narrow range, falling slightly at the beginning of 2022 to a low of 1,071.50 points on February 24 but thenrallying and reaching a high of 1,160.00 points on June 9.
“Output curtailment,” which is implemented by an electricity transmission and distribution business operator (Note 1) to adjust the supplydemand balance, was implemented in the Kyushu Electric Power jurisdiction with respect to “renewable energy power generation
facilities” (Note 2) held by CSIF, for 10 days in January, two days in February, nine days in March, twelve days in April, and eight days inMay, totaling 41 days during the period under review. This was much less frequent than in the same period of the previous year. This
reduction in frequency is perhaps attributable to a policy of securing electricity from renewable energy sources in face of soaring global
energy and raw material prices caused by Russia’s invasion of Ukraine mentioned earlier. However, given that some output curtailments
were introduced in the Tohoku Electric Power, Chugoku Electric Power and Shikoku Electric Power jurisdictions in April 2022 and in the
Hokkaido Electric Power jurisdiction in May 2022, these developments will need to be monitored in the future.
On October 22, 2021, the Cabinet approved the 6th Strategic Energy Plan. The 6th Strategic Energy Plan indicates the direction of energy
policies for achievement of carbon neutrality by 2050 (goal declared in October 2020) along with the new target of reducing greenhouse gas
emissions by 46% by FY2030 and trying to push the reduction as high as 50% (targets declared in April 2021) (Note 5). It positioned“overcoming issues in Japan’s energy supply-and-demand structure” as an important theme (Note 5) and committed to maximizing efforts torealize Japan’s goal of “S+3E” (the conventional three E’s of energy security, economic efficiency, and environmental protection, plus safety)(Note 3). The ambitious new power-source composition for 2030 would be 36-38% for renewable energies (up from 22-24% in the current
projected mix), 20-22% for nuclear power (unchanged), 20% for LNG (down from 27%); 19% for coal (down from 26%), and 2% for oil (downfrom 3%). The renewable energy mix would be 14-16% for solar power, 5% for wind power, 1% for geothermal power, 11% for hydroelectric
power, and 5% for biomass.
As for the system to ensure a reserve of decommissioning costs for solar power generation facilities (Note 4), (i) this will apply to all FITand FIP-certified solar projects (includes multiple solar projects) of 10 kW or more. (ii) As for the reserve method, the 2020 Amendment to theRenewable Energy Special Measures Act stipulates that certified solar project developers must reserve the decommissioning costs
externally at the Organization for Cross-regional Coordination of Transmission Operators (OCCTO) through direct withholding of the required
amounts from revenue, in principle. However, in exceptional cases, internal reserve will be permitted provided certain requirements are
satisfied, and listed infrastructure funds will also be permitted to opt for internal reserve upon satisfying certain conditions such as recording
funds in their financial statements in an appropriate manner. The decommissioning reserve scheme became applicable from April 2022.
Details of producer-side charges were previously expected to be determined by the end of the FY2021. However, the 6th Basic Energy
Plan approved by the Cabinet in October 2021 outlines the intention to continue considering the matter including the need for introduction,
aiming for smooth introduction of a producer-side charge scheme based on a policy that, on the major premise of S+3E, utilization ofrenewable energy as the major power source will be ensured. Based on the judgment that, given the circumstances, a decision is unlikely
any time soon, the Subcommittee on Mass Introduction of Renewable Energy and Next-Generation Electricity Networks indicated, at its
meeting on December 24, 2021, a plan to consider at relevant meetings the nature of recovery of expenses relating to transmission anddistribution including producer-side charges aiming for realization as soon as possible, with FY2024 in mind, and to aim to reach a conclusion
during FY2022. Subsequently, at a meeting on April 21, 2022, the Expert Committee for System Design of the Electricity and Gas Market

18

Surveillance Commission stated that the environment surrounding the electricity industry including energy policy had changed significantly
since the start of consideration of producer-side charges and, although certain energy sources such as solar power and wind power are likely
to be given some consideration, including from the perspective of “smooth introduction of a producer-side charges scheme,” which was
specifically mentioned in the 6th Basic Energy Plan, the aims and effects of a producer-side charges scheme were consistent with thecontent and direction of current energy policy measures. As a result, the committee stated that although no actual figures would be proposed
at present, it was appropriate to continue considering the nature of recovery of expenses relating to transmission and distribution including
producer-side charges at relevant meetings.
Under such conditions, during the fiscal period under review, CSIF did not acquire any new assets nor sell any of the assets it owns but it
continued to be the largest operator among listed infrastructure funds as of the end of the fiscal period under review, holding a portfolio
consisting of 25 facilities (with a total panel output (Note 5) of 183.9 MW, a total acquisition price (Note 6) of ¥80,000 million, and a total price(Note 7) of ¥76,365 million as of the end of the fiscal period under review.

(Note 1) For the purposes of this report, the term “electricity transmission and distribution business operator” collectively
refers to a general electricity transmission and distribution business operator (refers to a “general electricity
transmission and distribution business operator” defined in Article 2, Paragraph 1, Item 9 of the Electricity BusinessAct (Act No. 170 of 1964; including subsequent amendments; hereinafter referred to as the “Electricity Business Act”)
and specified electricity transmission and distribution business operator (refers to “specified electricity transmission
and distribution business operator” defined in Article 2, Paragraph 1, Item 13 of the Electricity Business Act).
(Note 2) For the purposes of this report, the term “renewable energy power generation facilities” refers to renewable energy
power generation facilities (excludes facilities which fall into the category of real estate) defined in Article 2,
Paragraph 2 of the Act on Special Measures Concerning Promotion of Utilization of Electricity from Renewable
Energy Sources (Act No. 108 of 2011, including subsequent amendments; hereinafter referred to as the Renewable
Energy Special Measures Act). The Renewable Energy Special Measures Act before amendment based on the Act
for Partial Amendment of the Act on Special Measures Concerning Procurement of Electricity from Renewable
Energy Sources by Electricity Utilities (2016 Act No. 59) is referred to as the “2016 Renewable Energy Special
Measures Act” and the Renewable Energy Special Measures Act after amendment based on the Act to Partially
Amend the Electricity Business Act and Other Acts in Order to Establish a Resilient and Sustainable Electricity
Supply System (Act No. 49 of 2020) is referred to as the “2020 Renewable Energy Special Measures Act.”). For the
purposes of this report, “renewable energy generation facilities, etc.” refers collectively to renewable energy
generation facilities, and real estate, real estate leases (includes subleases) and land lease rights (hereinafterreferred to as the “site, etc.”) necessary to install maintain and operate renewable, energy generation facilities.
Hereinafter, any mention of “renewable energy power generation facilities” or “renewable energy power generation
facilities, etc.” which CSIF is said to have invested in or acquired or operate shall also cover “renewable energy
power generation facilities” and “renewable energy power generation facilities, etc.” that support CSIF’s assets undermanagement. The same shall apply hereunder. Renewable energy may also hereinafter sometimes be referred to as“renewables.”(Note 3) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural
Resources and Energy in October 2021.
(Note 4) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities thatgenerate electricity using sunlight as an energy source. The same shall apply hereunder. The term “photovoltaic
power generation facilities” refers to photovoltaic power generation facilities as well as their site, etc. The same shallapply hereunder.
(Note 5) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum
output stated in specifications of solar cell module) used in each solar energy facility by the total number of panels.
“Total panel output” shall mean the total panel output rounded off to one decimal place. The same shall apply
hereunder.
(Note 6)The term “acquisition price” represents transaction price (excluding remuneration for business outsourcing concerning
the acquisition of assets and other acquisition costs, property taxes, city planning taxes, amount equivalent to
consumption taxes, etc. and other commissions, etc.; the same shall apply hereunder) specified in the sales
agreement for each asset held. The term “total acquisition price” is total of the transaction prices specified in thesales agreements for all the assets held rounded down to the nearest ten million yen. The same shall apply
hereunder.
(Note 7) The term “price” refers to the price calculated based on appraised value as of the end of the fiscal period underreview. The price of the renewable energy power generation facilities at power plants from S-01 through S-18 is thetotal intermediate value calculated by CSIF pursuant to paragraph 1, Article 41 of its Articles of Incorporation, using
the appraised value as of June 30, 2022 in the range stated in the valuation report obtained fromPricewaterhouseCoopers Sustainability LLC. The appraised value of renewable energy power generation facilities at
power plants from S-19 through S-25 is the total appraised value as of June 30, 2022, stated as the median in thevaluation report obtained from Kroll K.K., rounded down to the nearest ten million yen.

c. Overview of Financing
In the fiscal period under review, CSIF did not raise any additional funds, including the issuance of new investment units, borrowing offunds, and issuance of investment corporation bonds. However, during the fiscal period under review, CSIF made a contractual repayment of¥1,131 million at the end of the fiscal period under review, bringing the total amount of interest-bearing debt as of the end of the fiscal period
under review to ¥38,805 million (amount of borrowings ¥33,905 million and amount of investment corporation bonds ¥4,900 million).
Consequently, the ratio of interest- bearing debt to total assets (ratio of interest-bearing debt to total assets at the end of fiscal period) was
48.8%.
As of the date of this document, CSIF received a bond rating for investment corporation bonds from the following rating agency.

19

Ⅰ. Asset Management Report(3) Summary of Public Offering etc.
Rating status of CSIF as of the date of this document
Rating Agency

Rating Subject

RatingRating Outlook

A

investment corporation bonds with limited inter-bond pari passu－

October 27, 2017

The 1st Unsecured Investment Corporation Bond

November 28, 2017

(Specified investment corporation bonds with limited inter-bondApari passu clause)－

October 4, 2018

CSIF received a credit rating from the following rating agency.
Rating status of CSIF as of the date of this document
Rating Subject

Information, Inc. (R&I)
Japan Credit Rating Agency,
Ltd. (JCR)

March 14, 2019

RatingRating Outlook

A-

StableSeptember 17, 2019
March 17, 2020

Long-term Issuer Rating
A

Stabled. Overview of Business Performance and Distibution
As a result of the management described above, the business results in the fiscal period under review included operating revenue of¥4,060 million, operating income of ¥1,743, ordinary income of ¥1,509, and net income of ¥1,509 million.
With respect to distributions, the cash distribution policy set out in Article 47, Paragraph 1 of the Articles of Incorporation of the Investment
Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “profit available for distribution” asprovided for in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957 including subsequent amendments,
hereinafter the “Special Measures Taxation Act”).
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made in accordancewith the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset management guidelines
formulated as part of its internal regulations.
CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred to as “FCF”)
generated by its renewable energy power generation facilities, in amounts determined in the following manner. The amount available for
distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as “NCF”; CSIF shall incorporate the total
amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating NCF) to be vested to equity investors
after deducting FCF payable to debt investors, by a certain ratio (hereinafter referred to as “payout ratio”; the payout ratio for the 10th fiscal
period is 64.0%) determined by CSIF in light of the amount of NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio describedabove, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for each fiscal period
on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF calculated from
actual energy output in a fiscal period (hereinafter referred to as “actual NCF”; CSIF shall incorporate the total amount of NCF remaining after
deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds NCF projected for the fiscal period (hereinafterreferred to as “projected NCF”; CSIF shall incorporate the total amount of NCF remaining after deducting distributions for the preceding fiscal
periods in calculating projected NCF) on the basis of an energy output value projected by professional specialists (P50) (Note) which forms
the foundation for the calculation of rents with regard to the renewable energy power generation facilities, CSIF intends to limit the cash
distribution to the amount of projected NCF multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash distribution for the
fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,509,118,368, equivalent to 63.3%
of projected NCF for the period of ¥2,382,855,627. Dividend per investment unit is ¥3,903 for the fiscal period under review.

20

September 5, 2018
September 14, 2018

(Green bonds)

Rating Agency

May 18, 2017clause and for qualified institutional investors only)

Rating and Investment

Event

Total number of investment units
issued and outstanding (units)
ChangeThe 1st Unsecured Investment Corporation Bond (Specified

Japan Credit Rating
Agency, Ltd. (JCR)

Date

September 15, 2020

Establishment upon private
placement
Capital increase by public
offering
Capital increase by thirdparty allotment
Capital increase by public
offering
Cash distribution in excessof earnings (refund ofinvestment)
Capital increase by thirdparty allotment
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)

Balance

Total amount of unitholders' capital(Note 1) (million yen)
ChangeRemarks

Balance

1,500

1,500

150

150

(Note 2)

177,800

179,300

16,891

17,041(Note 3)2,890

182,190274

17,315(Note 4)

46,667

228,857

4,509

21,824(Note 5)－

228,857(147)

21,677(Note 6)2,333

231,190

225

21,902(Note 7)－

231,190(420)

21,482(Note 8)－231,190(133)

21,349(Note 9)－231,190(309)

21,039(Note 10)－

231,190(163)

20,876(Note 11)

March 5, 2021

Capital increase by public
offering

151,500

382,690

18,10638,982(Note 12)

March 16, 2021

Cash distribution in excessof earnings (refund ofinvestment)－

382,690(138)

38,843(Note 13)

April 7, 2021

Capital increase by thirdparty allotment

3,966

386,656474

39,317(Note 14)-386,656(357)

38,960(Note 15)-

386,656(327)

38,632(Note 16)

September 15, 2021
March 15, 2022

Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.
(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscription of investment units upon
the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥100,000 (issue value of¥95,000) per unit.
(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purpose of appropriation to a part of
the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥102,180 (issue value of¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund of investment) in an amount of ¥808
per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.
(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of appropriation to a part of
the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund of investment) in an amount of ¥577
per unit for the forth fiscal period (ended June 30, 2019), and began to pay it from September 17, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥125,115 (issue value of¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.
(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥119,517 per unit for the purpose of appropriation to a partof the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 15) CSIF decided, at a meeting of its Board of Directors held on August 13, 2021, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥924 per unit for the eighth fiscal period (ended June 30, 2021), and began to pay it from September 15, 2021.
(Note 16) CSIF decided, at a meeting of its Board of Directors held on February 14, 2022, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥848 per unit for the ninth fiscal period (ended December 31, 2021), and began to pay it from March 15, 2022.

21

Ⅰ. Asset Management Report(4) Historical Distributions
Based on the unappropriated earnings of JPY 1,509 million for the 10th FP, after a rounding down for the amount below JPY 1 million, JPY
1,509 million is the distribution for profit. As the result, JPY 3,903 is the DPU for the period.
l Period
Unappropriated Earnings or Undisposed Losses(in JPY thousand)6th FP

7th FP

8th FP

9th FP

10th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

Fr. Jul. 1, 2020
To Dec. 31, 2020

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

691,823

716,565

1,073,432

1,122,287

1,509,284

Retained Earnings (in JPY thousand)Total Distribution (in JPY thousand)

103

108

75

211

165

855,403855,4031,430,627

1,449,960

1,509,118(3,700)(3,700)(3,700)(3,750)(3,903)Distribution for Profit (in JPY thousand)(DPU, in JPY)

691,720

716,457

1,073,357

1,122,075

1,509,118(Distribution for Profit per Unit, in JPY)

(2,992)(3,099)(2,776)(2,902)(3,903)Distribution in Excess of Earnings (in JPY
thousand)

163,682

138,945357,270

327,884－(Distribution in Excess of Earnings per Unit, in
JPY)

(708)

(601)

(924)

(848)

(－)

Distribution from Allowance for Adjustment for
Temporary Difference out of Distribution in Excessof Earnings (in JPY thousand)

－

－

－

－

－

(Distribution from Allowance for Adjustment for
Temporary Difference per Unit out of Distribution in
Excess of Earnings per Unit, in JPY)

(－)

(－)

(－)

(－)

(－)

163,682

138,945357,270

327,884

－

(708)

(601)

(924)

(848)

(－)

Distribution as Redemption of Capital based on
Tax Law (in JPY thousand)(Distribution as Redemption of Capital based on
Tax Law, in JPY)

(Note) The fund had made distribution in excess of earnings every FP based on its article 47.2. However, the fund does not make distribution in excess of earnings for the 10th FP(Distribution as Redemption of Capital based on Tax Law).

(5) Operational Policy and Agendas in the Futurea. Outlook for the Future Management
When considering the outlook for the Japanese economy in the second half of 2022, although Japan continues to see a certain level ofcoronavirus cases and deaths, a “living-with-COVID-19” policy of reopening the economy whilst accepting certain levels of infection is
gaining traction, partly thanks to the rollout of booster shots, and, as a result, a tendency towards a recovery in economic activity driven by
the consumption of services is expected to accelerate. However, the global surge in prices for energy resources caused by Russia’s
invasion of Ukraine and the yen’s sharp depreciation stemming from the general rise in global interest rates are both likely to have a major
impact on the Japanese economy and must therefore continue to be monitored.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy power
generation facilities, the 6th Basic Energy Plan states that a crucial part of energy policies for 2030 (Note 1) is to ensure, with “S+3E” as
the basic premise, that renewables become a major power source and to focus on renewables as an overriding principle, encouraging
maximum adoption whilst reducing the impact on Japanese people and seeking co-existence with local communities (Note 1), and the2030 energy mix also indicates an increase in the share of renewables, setting ambitious forecasts.
However, as stated in “(2). Overview of the Fiscal Period under Review) b. Investment Environment and Management Performance for
the Fiscal Period Under Review” above, the output curtailment that requires renewable energy power generation operators to temporarilysuspend power generation through photovoltaic power generation facilities, etc. was resumed in areas under the jurisdiction of Kyushu
Electric Power from October 2019. In addition, some output curtailments were introduced in the Tohoku Electric Power, Chugoku ElectricPower and Shikoku Electric Power jurisdictions in April 2022 and in the Hokkaido Electric Power jurisdiction in May 2022. It was alsoannounced that 10-500 kW commercial solar photovoltaic systems connected to the grid under the old rule (Note 2), which werepreviously not subject to output curtailment, will also become subject to output curtailment. Furthermore, at a meeting of the Subcommittee
on Mass Introduction of Renewable Energy and Next-Generation Electricity Networks held on December 24, 2021, the idea that lowering
the minimum output of thermal power generation facilities would be an effective way to reduce the output curtailment of renewables was
put forward. Further consideration of this idea could potentially lead to solar power generation facilities that are currently subject to output
curtailment being less affected in the future.
Regarding producer-side charges, as stated in “(2). Overview of the Fiscal Period under Review) b. Investment Environment andManagement Performance for the Fiscal Period Under Review” above, although it was decided that it was appropriate to continue
considering the nature of recovery of expenses relating to transmission and distribution including producer-side charges, no particularly
significant progress had been made as of the date of this document.
As stated in “(2). Overview of the Fiscal Period under Review) b. Investment Environment and Management Performance for the Fiscal
Period Under Review” above, the 2020 Amendment to the Renewable Energy Special Measures Act was enacted in April 2022. Under thisact, various measures such as the FIP system, system for nullifying approvals and reserve of decommissioning costs for solar power
generation facilities were introduced.
(Note 1) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energyin October 2021.
(Note 2) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance for Enforcement of
the Act on Special Measures Concerning the Promotion of the Use of Renewable Energy Electricity (METI Ordinance No. 46 of 2012,
including subsequent amendments), if the amount of electricity supplied by grid-connected business operators is expected to exceed
demand, output curtailment without compensation under the connection agreement may be required. The rule setting the maximum

22

number of days of such output curtailment at 30 days a year (360 hours a year in some cases) is referred to as the “30-day rule” (the rule
when the maximum duration is 360 hours a year is referred to as the “360-hour rule”) and the 30-day rule and the 360-hour rule arereferred to collectively as the “old rule.” The same shall apply hereunder.

b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 1), which is the Sponsor belongs, adopts the vertical integration model (Note 2) that has developed
mainly in the photovoltaic power generation market in Europe and America and applies this model in the global market, including Japan. CSIF
considers that mutual cooperation between the Group and CSIF (engaging in investment in and management of photovoltaic power
generation facilities) through the Sponsor Group (Note 4) based on the vertical integration model for the construction of the value chain (Note5) with the aim of creating mutual value should lead to the enhancement of value for unitholders.
Specifically, CSIF intends to increase assets by utilizing the preferential trading negotiation right granted by the Sponsor Group andacquiring photovoltaic power generation facilities, etc. whose value is high from the pipelines of the Sponsor.
In February 2021, Canadian Solar Group partnered with Macquarie Advisory & Capital Solutions (hereinafter referred to as “Macquarie”),
the advisory and capital markets arm of the Macquarie Group (ASX:MQG) to establish Japan Green Infrastructure Fund (hereinafter referred
to as the “Fund”), which will invest in renewable energy power generation facilities, etc., in Japan. Working with Canadian Solar Inc. andMacquarie, the Fund has secured ¥22 billion of committed capital to develop, build and accumulate new renewable energy power generation
facilities, etc. in Japan, and it aims to catalyze large-scale investments within its six-year fund term. The Fund will indirectly invest in
renewable energy power generation facilities, etc. by holding a silent partnership equity interest (hereinafter referred to as the “Silent
Partnership Equity Interest”) in SPCs of the Sponsor Group. The renewable energy power generation facilities, etc. targeted for investment
will include not only renewable energy power generation facilities, etc. developed by the Sponsor but also renewable energy power
generation facilities, etc. in the seed stage that have been partway developed by a third party and that the Sponsor is expected to complete.
In this way, the Fund will support the development of renewable energy power generation facilities, etc. not only in terms of improving theefficiency of development of renewable energy power generation facilities, etc. by the Sponsor (accelerating development via financial
contributions from the Fund) but also in terms of identifying third party seed projects. These renewable energy power generation facilities,
etc. will be subject to the preferential trading negotiation right granted to CSIF and the Asset Manager by the Sponsor in accordance with theSponsor Support Agreement executed between CSIF, the Asset Manager and the Sponsor. In addition to said preferential trading negotiationright granted under the Sponsor Support Agreement, CSIF and the Asset Manager have also acquired a preferential trading negotiation rightin relation to the Silent Partnership Equity Interest held by the Fund in accordance with an Agreement Concerning Granting of Preferential
Negotiation Right executed on March 30, 2021 between CSIF, the Asset Manager and Green Infrastructure Fund Pte. Ltd., which is theGeneral Partner of the Fund. CSIF believes that establishment of the Fund will accelerate the development of projects by the Sponsor,
thereby enhancing the sponsor pipeline and opening up further opportunities for CSIF.
Further, CSIF will strive to diversify acquisition routes, including acquiring assets from third parties through the Asset Manager’s own
network, whilst at the same time putting emphasis on acquisitions from the Sponsor. Moreover, CSIF will aim for further external growththrough the use of diverse acquisition methods including acquiring assets via the Fund and the bridge fund in addition to direct acquisitions
from sellers.
(Note 1) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in Canada) at the top towhich the Sponsor (Canadian Solar Projects K.K.) belongs. The same shall apply hereunder.
(Note 2) The term “vertically integrated model” means a business model where a broad spectrum of business domains across the photovoltaic
market, ranging from the planning, manufacture and sales of solar modules to the provision of EPC and O&M (Note 3) services, arevertically integrated. The same shall apply hereunder.
(Note 3) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.
(Note 4) The “Sponsor Group” collectively refers to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose companies (they may behereinafter referred to as “SPCs”), partnerships or other funds with which the Sponsor has entered into the asset management service
agreement, (iii) Canadian Solar O&M Japan K.K. (it may be hereinafter referred to as “CSOM Japan”) and (iv) special purpose
companies, partnerships or other funds in which the Sponsor or its subsidiary own a majority interest. The same shall apply hereunder.
(Note 5) The term “value chain” generally refers to a relationship between processes such that value is added cumulatively to products andservices with each process.

(ii) Internal Growth Strategy
CSIF will contract out O&M to CSOM Japan, which is a wholly owned subsidiary of the Sponsor and provides O&M services in Japan, in
principle, for the availability of homogeneous O&M services to the extent that CSIF considers essential. CSIF aims to thereby reduce theoperational risk and operating costs by utilizing the services of CSOM Japan and placing a blanket order, respectively.
By making the most of the strong operation and management abilities realized by utilizing the global monitoring platform of the Sponsor
Group in the early discovery and repair of failures of power generation facilities, CSIF will aim to reduce the loss of power generation. In
addition, CSIF will implement the appropriate repair and facilities replacement of assets under management to maintain and enhance thevalue of assets from the medium- to long-term perspective, thereby securing stable revenue in the medium to long term.
In response to the output curtailment implemented by Kyushu Electric Power described in “(2). Overview of the Fiscal Period under
Review) b. Investment Environment and Management Performance for the Fiscal Period Under Review” above, CSIF performed construction
in response to online output curtailment (output curtailment of photovoltaic power generation facilities with a remote output controller
installed; the same will apply below) at each of the power generation plants which are assets in its portfolio as it did in the previous fiscal
period. While all the power plants under Kyushu Electric Power’s jurisdiction owned by CSIF are subject to the 30-day rule for output
curtailment, the above construction required for online output curtailment allows a shift from the previous all-day curtailment to hourly
curtailment and reduction of a decrease in lease revenue caused by output curtailment. In addition, curtailment within a day is counted as one
day regardless of the duration, which allows the power plant to respond to output curtailment during peak demand for electricity while
complying with the 30-day rule. As a result of further progress shifting to the online output curtailment arrangement during the fiscal period
under review, as of the end of the period, all photovoltaic power plants in Kyushu have shifted to online output curtailment. As a result, CSIF
succeeded in significantly reducing lost lease revenue due to curtailment compared with the same period of the previous year and thissignificantly boosted operating revenue. In addition, CSIF is currently gradually installing online output curtailment equipment at power plants
outside the Kyushu region.

23

Ⅰ. Asset Management Report
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN PRI on August 13,
2019, and established the Approach to the Principles for Responsible Investment at the end of December 2020 as the basic ESG policy of
the Asset Manager. Further, recognizing that climate change is an important environmental issue with potential risks and opportunities when
conducting business focused on the environmental pillar of ESG, we disclosed information about initiatives to address climate change in linewith the TCFD recommendations on February 14, 2022. On March 1, 2022, the Asset Manager established the Sustainability Committee,
which will be required to report to CSIF’s Board of Directors at least twice a year going forward. Meanwhile, CSIF established a green financeframework (hereinafter referred to as the “Green Finance Framework”) for the financing of activities that will provide environmental benefits,
covering debt financing such as green bonds and green loans, and on May 11,2020, CSIF acquired the highest green finance evaluation ofGreen 1(F) for the Green Finance Framework from Japan Credit Rating Agency, Ltd. (JCR), which is an independent rating agency.
Date of Evaluation

May 11, 2020

Evaluating Agency
Japan Credit Rating
Agency, Ltd. (JCR)

Evaluation
OverallGreen 1 (F)Greenness (use of proceeds)g 1 (F)Management, Operation and Transparency

m 1 (F)CSIF has gradually concluded specified wholesale supplying agreements with respect to its assets, concluding an agreement with Zero
Watt Power Inc. for CS Izu-shi Power Plant, CS Ōgawara-machi Power Plant, CS Daisen-cho Power Plant (A.B), CS Mashiki-machi Power
Plant and CS Hiji-machi Dai-ni Power Plant, and an agreement with UPDATER, Inc. (changed its trade name from Minna-Denryoku, Inc. on
October 1, 2021) for CS Marumori-machi Power Plant, thereby contributing to the sale of clean renewable energy produced at each power
plant.
(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public offering,borrowings and other means in the acquisition of new assets, while watching changes in the financing environment closely.

(6) Facts arising after the settlement of accounts
Not applicable

2. Overview of Fund Corporation(1) Summary of Invested Capital
Fiscal Period

6th FP

7th FP

8th FP

9th FP

10th FP

Jun. 30, 2020

Dec. 31, 2020

Jun. 30, 2021

Dec. 31, 2021

Jun. 30, 2022

10,000,000

10,000,000

10,000,000

10,000,000

10,000,000

Total Number of Units Issued

The Number of Units Allowed for Issuance

231,190

231,190386,656

386,656

386,656

Unitholders’ Capital (net) (Note) (in JPY mln)

21,03920,87639,31738,96038,632The Number of Unitholders

12,005

11,746

17,931

18,48818,489(Note) Deductible amount for unitholders’ capital is deducted from the gross amount of unitholders’ capital.

(2) Major Unitholders List

Major unitholders as of June 30, 2022 are as follows.
Name

Ratio vs Total Number of Units Issued(%)

The Number of Units Held

Canadian Solar Project K.K.

56,620

14.64

THE BANK OF NEW YORK

10,475

2.70

THE BANK OF NEW YORK MELLON

9,167

2.37

SSBTC CLIENT OMNIBUS ACCOUNT

7,908

2.04

THE BANK OF FUKUOKA LTD.

7,790

2.01

JP MORGAN CHASE BANK 385650

6,340

1.63

The Rokinren Bank

6,223

1.60

The Master Trust Bank of Japan, Ltd. (trust account)

4,779

1.23

Custody Bank of Japan, Ltd. (trust account)

4,547

1.17

JP MORGAN CHASE BANK 380646

4,087

1.05

Total

117,93630.50(Note) The ratio is rounded down to two decimal places.

(3) Summary of Executives

a.Executive Director, Supervisory Director and Accounting Auditor
Position
Executive Director

Name
Hiroshi Yanagisawa

Takashi Handa
Supervisory Director
Eriko Ishii
Accounting Auditor

Compensation(in JPY thousand)Concurrent Post
Representative director of Canadian Solar AssetManagement K.K.
Zuken Inc. (Audit and Supervisory board member)
IDERA Capital Management Ltd. (Audit and Supervisoryboard member)Polaris Holdings Co., Ltd. (Outside Director)

－

2,400

Shin Saiwai Law Office (Partner, Attorney at law)
Sophia Holdings Co., Ltd. (Director)

Grant Thornton Taiyo LLC

11,000－(Note 1) Tetsuya Nakamura resigned from the executive director of CSIF as of January 1, 2022. On the same day, he resigned from the representative director of Canadian AssetManagement K.K. Hiroshi Yanagisawa was appointed as the new executive director of CSIF and became it on January 1, 2022. On the same day, he became therepresentative director of Canadian Solar Asset Management K.K.
(Note 2) The executive directors and the supervisory director don’t hold the fund’s unit. Although the supervisory directors may be in a position of executive officer of any
corporations other than stated above, there is no conflict of interest related to the fund.
(Note 3) Compensation for the accounting auditor includes compensation for the audit of English financial statements and assessment of value of specified assets.
(Note 4) Overview of details of directors and officers liability insurance policy
CSIF has entered into a directors and officers liability insurance policy with an insurance company, as provided for in Article 116-3, Paragraph 1 of the Investment Trust Act.
This insurance policy covers lossses arising from claims for damages borne by the insureds due to errors, breach of duty, nonfeasance, etc.The above-mentioned Ececutive
Director and all of the Supervisory Directors are insureds under this insurance policy. However, CSIF does not cover losses and costs personally incurred by officers throughcriminal acts and intentional illigal activities, such as bribery, as a measure to ensure that the proper performance of duties of officers, etc.,is not impaired.The full amount of
the insurance premium for this insurance policy excluding special contract is borne by CSIF.

b.The policy on decision of removal / not-to-reappoint of accounting auditor
Decision of removal is made based on Investment Trust Law and not-to-reappoint is made by unitholders’ meeting.

(4) Asset Manager, Asset Custodian and Administrator

Asset manager, asset custodian and administrator as of June 30, 2022 are as follows.
Delegated Position

24

Name

Asset Manager

Canadian Solar Asset Management K.K.

Asset Custodian

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Institutional Operation)

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Custodian of List of Unitholders)

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Accounting)

Ernst & Young Tax Co.

Administrator (Administration of Bond)

Mizuho Bank, Ltd.

25

Ⅰ. Asset Management Report(2) Major Assets List

3. Overview of Assets under Management

The summary of the top 10 assets as of June 30, 2022 is as follows.

(1) Composition of Assets and Regional Diversification
9th FP
As of Dec. 31, 2021
Type of asset

Region (Note 1)

Hokkaido/Tohoku
Kanto
Tokai
Solar energy facility
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Land
Tokai
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Land lease
Tokai
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Solar energy facility intrust
KyushuSubtotal
Hokkaido/Tohoku
Land in trust
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Solar energy facility etc. Tokai
Chugoku/Shikoku
KyushuSubtotal
Solar energy facility etc. total
Saving/other assets
Asset total (2)Total Asset-UnderManagement (AUM)(‘000yen)(Note 2)
935,6132,187,152
5,292,208
9,349,826
19,634,457
37,399,257
48,970648,591
63,309560,196
3,184,875
4,505,944
69,41759,197
331,596
3,415
692,471
1,156,098
3,453,966
22,573,278
26,027,244
116,748
4,653,157
4,769,905
4,624,716
2,894,942
5,687,114
9,913,438
50,738,240
73,858,451
73,858,451
6,774,588
80,633,040

As of Jun. 30, 2022

% of total AUM(Note 3)

1.2
2.7
6.6
11.6
24.4
46.4
0.1
0.8
0.1
0.7
3.9
5.6
0.1
0.1
0.4
0.0
0.9
1.4
4.3
28.0
32.3
0.1
5.8
5.9
5.7
3.6
7.1
12.3
62.9
91.6
91.6
8.4
100.0

Total Asset-UnderManagement (AUM)(‘000yen)(Note 2)
914,362
2,131,384
5,152,990
9,122,956
19,154,208
36,475,903
48,970648,591
63,309560,196
3,184,875
4,505,944
69,41759,197
332,4213,415
692,471
1,156,923
3,384,468
22,118,457
25,502,926
116,748
4,653,157
4,769,905
4,533,967
2,839,174
5,548,721
9,686,569
49,803,171
72,411,603
72,411,603
7,064,267
79,475,861

Rental Revenue Earned by Infrastructure Asset(in JPY thousand)Name of Infrastructure Asset

10th FP% of total AUM(Note 3)

1.2
2.7
6.5
11.5
24.1
45.9
0.1
0.8
0.1
0.7
4.0
5.7
0.1
0.1
0.4
0.0
0.9
1.5
4.3
27.8
32.1
0.1
5.9
6.0
5.7
3.6
7.0
12.2
62.7
91.1
91.1
8.9
100.0

(Note 1) "Hokkaido/Tohoku" refers to Hokkaido, Aomori prefecture, Iwate prefecture, Akita prefecture, Miyagi prefecture, Fukushima prefecture and Yamagata prefecture. "Kanto"refers to Ibaraki prefecture, Tochigi prefecture, Gunma prefecture Tokyo, Kanagawa prefecture, Saitama prefecture, Chiba prefecture, Yamanashi prefecture, Nagano
prefecture and Niigata prefecture. "Tokai" refers to Shizuoka prefecture, Aichi prefecture, Gifu prefecture, Mie prefecture, Toyama prefecture, Ishikawa prefecture andFukui prefecture. "Chugoku/Shikoku" refers to Okayama prefecture, Hiroshima prefecture, Yamaguchi prefecture, Tottori prefecture, Shimane prefecture, Kagawa
prefecture, Kochi prefecture, Tokushima prefecture and Ehime prefecture. "Kyushu" refers to Fukuoka prefecture, Oita prefecture, Miyazaki prefecture, Kagoshima
prefecture, Kumamoto prefecture, Nagasaki prefecture, Saga prefecture and Okinawa prefecture. The same applies hereinafter.
(Note 2) AUM refers to the numbers in the balance sheet.
(Note 3) The ratios are rounded off to the first decimal place.

Book Value(in JPY mln)

CS Hiji-machi Dai-ni Power Plant

1,322,425

27,073CS Mashiki-machi Power Plant

1,023,691

16,859

CS Daisen-cho Power Plant (A) and (B)582,096

8,950

CS Izu-shi Power Plant

244,225

4,179

CS Ogawara-machi Power Plant

145,784

2,661

96,023

1,440

CS Minamishimabara-shi Power Plant (East)and (West)
CS Minano-machi Power Plant

45,783914

CS Hiji-machi Power Plant

59,608845

CS Ashikita-machi Power Plant

51,217820

CS Kasama-shi Power Plant

44,782789

3,615,639

64,535

Total(Note) There are no events which have impacts on any investment decision on infrastructure assets.

(3) Details of Assets
a.Details of Power Generation Facilities(i) Summary

Type of Asset

Property andEquipment

Intangible
AssetsBeginning
Balance

Increase in
the FP

Decrease in
the FP

Accumulated Depreciation /Amortization

EndingBalance

For this FP

Net Ending
Balance

Abstract

Structures

1,048

7

-

1,055

171

21

884

(Note 1)

Machinery andEquipment

42,4622

30

42,4347,330

872

35,103(Note 2)Tools, Furnitureand Fixtures

590

0

-

591

102

11

488

(Note 1)

4,505

Land

4,505

-

-

4,505

-

-

Structures in trust
Machinery andEquipment in trust
Tools, Furnitureand Fixtures intrust
Land in trust

6,567

2

-

6,569

319

121

6,249

(Note 1)

20,271

19-

20,291

1,126

422

19,164(Note 1)

93

-

-

93

5

1

88

4,769

-

-

4,769

-

-

4,769

Total

80,3103130

80,311

9,056

1,452

71,254

Leasehold Rights

1,156

0

-

1,156

-

-

1,156

3

2

-

6

3

0

2

1,160

3

-

1,163

3

0

1,159

Software
Total(Note 1)th

(Note1) The increase for the 10 FP is related to the capital expenditure of the power plants.
th(Note2) The increase for the 10th FP is related to the capital expenditure of the power plants. The decrease for the 10 FP is related to the disposal of a part of the facilities of S-18
CS Takayama-shi Power Plant.

26

27

Ⅰ. Asset Management Report(ii) Details of Power Generation Facilities
The following table provides summary information for the CSIF owned 25 renewable energy facilities as of June 30, 2022. The renewable energy facilities suite to
the standards stipulated in each section in the Article 9, 3 of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources by

Asset #

Project name

S-01

CS Shibushi-shi
Power Plant

S-02

CS Isa-shi Power
Plant

S-03

CS Kasama-shi
Power Plant

S-04

CS Isa-shi Dai-niPower Plant

S-05

CS Yusui-cho
Power Plant

S-06

CS Isa-shi Dai-sanPower Plant

S-07

CS Kasama-shi Daini Power Plant

S-08

CS Hiji-machi
Power Plant

S-09

CS Ashikita-machi
Power Plant

S-10

CS Minamishimabara-shi
Power Plant (East) / CS
Minamishimabara-shi Power
Plant (West)

S-11

CS Minano-machi
Power Plant

S-12

CS Kannami-cho
Power Plant

S-13

CS Mashiki-machi
Power Plan

S-14

CS Koriyama-shi
Power Plan

S-15

CS Tsuyama-shi
Power Plan

S-16

CS Ena-shi Power
Plant

S-17

CS Daisen-cho Power
Plant (A) and (B)

S-18

CS Takayama-shi
Power Plant

S-19

CS Misato-machi
Power Plant

S-20
S-21

Electricity Utilities.
Location

Site Area(m2) (Note 1)

PPA Purchase Price(yen/kwh) (Note 2)

Certification Date

CS Shibushi-shi
Power Plant

Shibushi-shi, Kagoshima(Note 3)(Note 4)

19,86140

February 26, 2013

September 16,
2034

Solar Plant etc.

CS Isa-shi Power
Plant

Isa-shi, Kagoshima

22,22340

February 26, 2013

June 8, 2035

S-03

Solar Plant etc.

CS Kasama-shi
Power Plant

Kasama-shi, Ibaraki

42,666(Note 5)40

January 25, 2013

June 25, 2035

S-04

Solar Plant etc.

CS Isa-shi Dai-niPower Plant

Isa-shi, Kagoshima

31,81836

October 2, 2013

June 28, 2035

S-05

Solar Plant etc.

CS Yusui-cho
Power Plant

Aira-gun, Kagoshima

25,27436

March 14, 2014

August 20, 2035

S-06

Solar Plant etc.

CS Isa-shi Dai-sanPower Plant

Isa-shi, Kagoshima

40,73640

February 26, 2013

September 15,
2035

S-07

Solar Plant etc.

CS Kasama-shi Daini Power Plant

Kasama-shi, Ibaraki

53,27540

January 25, 2013

September 23,
2035

S-08

Solar Plant etc.

CS Hiji-machi
Power Plant

Hayami-gun, Oita

30,24636

July 16, 2013

October 12, 2035

S-09

Solar Plant etc.

CS Ashikita-machi
Power Plant

Ashikita-gun, Kumamoto

45,74040

February 26, 2013

December 10,
2035

Solar Plant etc.

CS Minamishimabarashi Power Plant (East) /CS Minamishimabarashi Power Plant (West)

Minamishimabara-shi,
Nagasaki

56,06640

February 26, 2013
(East)
February 26, 2013
(West)

December 24,
2035 (East)
January 28, 2036
(West)

Asset #

Category

S-01

Solar Plant etc.

S-02

S-10

Project NameFIT Term End

S-11

Solar Plant etc.

CS Minano-machi
Power Plant

Chichibu-gun, Saitama

44,90432

December 11,
2014

December 6, 2036

S-12

Solar Plant etc.

CS Kannami-cho
Power Plant

Tagata-gun, Shizuoka

41,33936

March 31, 2014

March 2, 2037

S-13

Solar Plant etc.

CS Mashiki-machi
Power Plant

Kamimashiki-gun,
Kumamoto

638,552(Note 6)36

October 24, 2013

June 1, 2037

S-14

Solar Plant etc.

CS Koriyama-shi
Power Plan

Koriyama-shi, Fukushima

30,376(Note 5)32

February 27, 2015

September 15,
2036

S-15

Solar Plant etc.

CS Tsuyama-shi
Power Plant

Tsuyama-shi, Okayama

31,05932

September 26,
2014

June 29, 2037

S-16

Solar Plant etc.

CS Ena-shi PowerPlant

Aza Ochise, Kusumi, Osashimacho, Ena-shi, Gifu

37,37332

February 24, 2015

September 12,
2037

Solar Plant etc.

CS Daisen-choPower Plant (A) and(B)

Aza Magoese, Toyofusa,
Daisen-cho, Saihaku-gun,Tottori (A)Aza Kamikawara,
Toyofusa, Daisen-cho,
Saihaku-gun, Tottori (B)40

February 22, 2013
(A)
February 28, 2013
(B)

August 9, 2037

S-17

452,760(Note 7)

S-18

Solar Plant etc.

CS Takayama-shi
Power Plant

Shingumachi, Takayamashi, Gifu

16,278(Note 5)32

January 30, 2015

October 9, 2037

S-19

Solar Plant etc.

CS Misato-machi
Power Plant

Misato-machi, Kodamagun, Saitama

25,31532

January 6, 2015

March 26, 2037

S-20

Solar Plant etc.

CS Marumori-machi
Power Plant

Marumori-machi, Igu-gun,
Miyagi65,306(Note 8)36

February 28, 2014

July 12, 2038

S-21

Solar Plant etc.

CS Izu-shi Power
Plant
CS Ishikari
Shinshinotsu-muraPower Plant
CS Osaki-shi
Kejonuma Power
Plant
CS Hiji-machi Dai-niPower Plant

Ono Aza Okubo, Izu-shi,
Shizuoka

337,160

36

March 31, 2014

November 29,
2038

Ishikari-gun Hokkaido

42,977

24

November 18,
2016

July 15, 2039

Osaki-shi Miyagi

26,051

21

March 27, 2018

July 21, 2039

Hayami-gun Oita

1,551,086(Note 9)40

March 15, 2013

October 30, 2039

Shibata-gun Miyagi

123,624(Note 10)32

February 9, 2015

March 19, 2040

S-22

Solar Plant etc.

S-23

Solar Plant etc.

S-24

Solar Plant etc.

S-25

Solar Plant etc.

CS Ogawara-machi
Power Plant

S-23
S-24
S-25

(Note 1) The numbers for “Site Area” are not equal to the real situation but based on the ground register.
(Note 2) “PPA Purchase Price” are the FIT price for each power plant (excluding consumption tax amount).
(Note 3) “Certification Date” denotes the date each power plant is certified under the article 6.1 of Revision Renewable Energy Special Measures Law. Each power plant is deemedbeing certified on April 1, 2017 based on the article 9.3 of Revision Renewable Energy Special Measures Law.
(Note 4) “FIT Term End” denotes the date 20-year FIT term ends for each power plant.
(Note 5) The number for the site area is only for the power plant’s land ownership rights and doesn’t include easement.
(Note 6) The number for the site area is only for the power plant’s and self-employed line’s land ownership rights and doesn’t include easement.
(Note 7) The number for the site area is only for the power plant’s and self-employed line’s surface rights and doesn’t include leasehold rights and easement.
(Note 8) The number for the site area is only for the power plant’s, self-employed line’s and access road’s surface rights and doesn’t include easement.
(Note 9) The number for the site area is only for the power plant’s, self-employed line’s and access road’s land ownership rights and leasehold rights and does not include
easement.
(Note 10) The number for the site area is only for the power plant’s, self-employed line’s and access road’s surface rights and leasehold rights and does not include easement.

28

S-22

Acquisition Price(million yen)

Fiscal period end
valuation (million
yen) (Note 2)

Certified Operator

PPA company

Tida Power01 G.K

Kyushu Electric Power
Co., Inc

540

494

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

372

329

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

907

921

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

778

683

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

670

589

Tida Power01 G.K..

Kyushu Electric Power
Co., Inc

949

845

Tida Power01 G.K..

TEPCO Energy Partner,
Incorporated

850

795

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

1,029

913

Tida Power01 G.K..

Kyushu Electric Power
Co., Inc

989

891

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

1,733

1,610

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

1,018

1,024

Tida Power01 G.K..

TEPCO Energy Partner,
Incorporated

514

504

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc.

19,751

19,994

Tida Power01 G.K..

Tohoku Electric Power
Co., Inc.

246

227

Tida Power01 G.K..

The Chugoku ElectricPower Co., Inc.

746

680

Tida Power01 G.K..

The Chubu ElectricPower Co., Inc.

757

746

Tida Power01 G.K..

The Chugoku ElectricPower Co., Inc.

10,447

9,320

Tida Power01 G.K.

The Chubu ElectricPower Co., Inc.

326

294

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

470

413

CS Marumori-machi
Power Plant

Tida Power01 G.K.

Tohoku Electric Power
Co., Inc.

850

738

CS Izu-shi Power
Plant

Tida Power01 G.K.

TEPCO Power Grid,
Incorporated

4,569

4,091

Tida Power01 G.K.

Hokkaido Electric Power
Network Co., Ltd.

680

599

CS Ishikari
Shinshinotsu-muraPower Plant
CS Osaki-shi
Kejonuma Power
Plant
CS Hiji-machi Dai-niPower Plant
CS Ogawara Power
Plant

Tida Power01 G.K.

Tohoku ElectricPower Network Co.,Inc.

Kyushu Electric Power Co.,LOHAS ECE 2 G.K.
Inc.
Tida Power01 G.K.
Total

Tohoku ElectricPower Network Co.,Inc.

(Note 1)
(Note 5)208

193

27,851

26,781

2,745

2,687

80,001

76,365

Appraisal value of solar
plants(million yen)(Note 3)(upper:solar energy
facility) (lower:land)
358
136
310
19
693
228
649
33
561
27
791
53
749
45
879
33
857
33
1,534
75
777
247
465
38
16,574
3,420
176
51
545
135
711
35
8,982
338
234
59
297
116
721
16
3,865
226
533
65
153
39
22,011
4,770
2,645
41
66,08010,285

Fiscal period end
book value(million yen)
(Note 4)

466
311
789
642
555
788
695
845
820

1,440

914
482
16,859
221
735
616
8,950
270
440
759
4,179
679
210
27,073
2,661
72,411(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment of outsourcing service
fees, property-related taxes, taxes on depreciable assets, urban planning taxes, consumption taxes and other fees).
(Note 2) For S-01 to S-18, the fiscal period end valuation is the median amount that the Investment Corporation calculated in accordance with Article 41, paragraph 1 of the CSIF's
Articles of Incorporation based on the range of valuation provided to us by PricewaterhouseCoopers Sustainability LLC and, for S-19 to S-25, the fiscal period end
valuation is based on the median amount which is the total sum of the median amount rounded down to the nearest million yen stated in the valuation provided to us by
Kroll International Inc.
(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the real estate appraisal value
calculated by Daiwa Real Estate Appraisal Co., Ltd. from the appraised value at the end of the period in (Note 2) above is stated, and on the lower row, an amount statedin the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. is stated. Real estate includes its superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy as of June 30, 2022.
(Note 5) The acquisition price of CS Mashiki Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from the signing date of the Property Purchase
Agreement.

29

Ⅰ. Asset Management Report(iii) Operational Results of Each Power Generation Facilities (in JPY thousand)S-01 CS Shibushi-shi Power Plant
6th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

S-03 CS Kasama-shi Power Plant
6th FP

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Accounting Item

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

18,941
7,353－
26,612

18,5364,326
322,866－
26,29518,4405,386
023,828

1,917
1,917

1,916
1,916

1,626
1,626

1,626
1,626

1,400
1,400

－
2,273
2,014

－
2,114
1,872

－
3,078
2,870

－
2,414
2,155

－
－
258

－
－
241

－
－
207

－
3,089
2,155
696

－
－
9,472
457
8,973
41
13,663
8,304

－
－
9,472
457
8,973
41
13,503
13,109

－
－
9,486
466
8,978
41
14,191
8,675

18,632
3,336

19,0397,573－
21,968

－
237

－
－
258

－
－
9,539
468
9,029
41
14,254
12,040

－
－
9,539
468
9,029
41
13,355
10,47330

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

35,147
14,79594
50,03829,24910,74334,968
13,110－39,992

3,283
3,283

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022
34,788
9,993－
48,07929,09910,580306
39,985

3,284
3,284

2,848
2,848

2,848
2,848

2,481
2,481

－
3,322
2,887

－
3,461
3,051

－
3,594
3,189

－
－
434

－
－
409

－
3,698
2,914
426

－
3,572
2,914
220

－
－
14,462324
14,10433
21,06828,970－－14,462324
14,10433
21,207
18,784

6th FP
6th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

－
357

－
－
405

－
－
14,462324
14,10433
21,00927,069－－14,483345
14,10433
20,926
19,059－44,782－438－－
14,483345
14,10433
20,537
24,245

S-04 CS Isa-shi Dai-ni Power Plant

S-02 CS Isa-shi Power Plant
Accounting Item

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Accounting Item

Fr. Jan. 1, 2022
To Jun. 30, 2022

14,2403,522

14,0996,502

14,1684,105

14,027
5,006

14,095
5,707－
17,763－
20,602－
18,273－
19,034－19,802

1,452
1,452

1,456
1,456

1,244
1,244

1,244
1,244

1,090
1,090

－
2,617
1,610

－
2,241
1,247

－
2,619
1,610

－
2,611
1,610

－
－
209
797

－
－
197
797

－
2,726
1,610
144

－
－
203
797

－
7,837
256
7,563
17
11,907
5,855

－
7,837
256
7,563
17
11,535
9,066

－
－
193
797
18
7,837
256
7,563
17
11,701
7,332

－
173
797
－
7,837
256
7,563
17
11,808
6,465

－
7,924
256
7,650
17
11,625
8,177

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income (Note)
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

29,3605,875

29,114
12,142

29,2109,139

28,965
10,51329,06012,249－35,235－41,257－38,350－39,478－41,310

3,232
3,232

3,230
3,230

2,769
2,769

2,769
2,769

2,395
2,395

－
4,653
2,659

－
5,646
3,677

－
4,815
2,893

－
4,861
2,893

－
4,893
2,893

－
－
402
1,590

－
－
378
1,590

－
－
330
1,590

－
－
376
1,590

－
－
408
1,590

－
16,457306
16,10941
24,343
10,892－
16,457306
16,10941
25,334
15,922－
16,457306
16,10941
24,042
14,307－
16,481306
16,133
41
24,111
15,366－
16,533306
16,18641
23,822
17,48731

Ⅰ. Asset Management Report
S-05 CS Yusui-cho Power Plant

S-07 CS Kasama-shi Dai-ni Power Plant
6th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

26,691
3,444

23,356
10,11426,555
4,925

23,236
8,331

26,4186,377－
30,135－33,471－
31,480－31,568－32,796

2,805
2,805

2,802
2,802

2,396
2,396

2,396
2,396

2,076
2,076

－
4,508
2,869

－
4,510
2,893
－
－
353
1,263

－
4,822
2,966
242

－
4,856
3,213

－
－
375
1,263

－
4,828
2,966
289
－
308
1,263

－
350
1,263

－
－
378
1,263

－
14,263598
13,429235
21,577
8,558－
14,263598
13,429235
21,575
11,895－
14,269605
13,429235
21,494
9,986－
14,269605
13,429235
21,487
10,080－14,358605
13,517
235
21,29011,505

6th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

32

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

34,72014,50728,865
9,763－
49,227

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

28,718
10,587－
38,62934,543
14,19480
48,817－39,30534,365
13,697
27
48,090

3,689
3,689

3,688
3,688

3,161
3,161

3,161
3,161

2,710
2,710

－
5,695
2,881

－
5,802
3,012

－
5,621
2,878

－
5,928
3,145

－
－
417
2,395

－
－
393
2,396

－
－
346
2,396

－
－
387
2,396

－
5,940
2,878
255

－
17,604247
17,31442
26,98822,238－17,604247
17,31442
27,095
11,534－
17,604247
17,31442
26,38722,429－17,604247
17,31442
26,695
12,610

－
410
2,396
－
17,604247
17,31442
26,256
21,834S-08 CS Hiji-machi Power Plant

S-06 CS Isa-shi Dai-san Power Plant
Accounting Item

6th FP
Accounting Item

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

35,514
7,953

34,673
15,68335,332
9,647

34,496
13,20435,151
14,338－43,467－50,357－44,979－47,701－49,490

3,876
3,876

3,874
3,874

3,323
3,323

3,323
3,323

2,882
2,882

－
6,385
3,907

－
5,829
3,377

－
5,583
3,185

－
6,704
4,253

－
－
441
2,036

－
－
414
2,036

－
－
361
2,036

－
－
414
2,036

－
6,418
3,719
205

－
19,861
290
19,52051
30,123
13,343－
19,861
290
19,52051
29,564
20,792－
19,861
290
19,52051
28,767
16,211－
19,896290
19,55451
29,924
17,776

－
456
2,036
－
19,970290
19,62851
29,271
20,218

6th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

37,757
10,96437,292
19,14437,564
13,581

37,101
16,05337,372
22,236－
48,721－
56,436－
51,146－53,155－59,608

4,427
4,427

4,426
4,426

3,798
3,798

3,798
3,798

3,299
3,299

－
5,524
3,391

－
5,894
3,881

－
6,221
4,185

－
6,729
4,719

－
6,354
4,248

－
－
530
1,602

－
－
498
1,514

－
－
433
1,602

－
－
498
1,512

－
－
548
1,557

－
22,070835
21,120114
32,021
16,700－22,070835
21,120114
32,39024,045－22,031
835
21,12075
32,051
19,095－
22,119835
21,20578
32,647
20,507－22,162835
21,24878
31,815
27,79333

Ⅰ. Asset Management Report
S-09 CS Ashikita-machiPower Plant

S-11 CS Minano-machi Power Plant
6th FP

Accounting Item

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

35,571
8,257

36,924
16,26535,39011,66436,736
13,06435,20816,008－43,829－53,190－47,054－49,801－
51,217

4,167
4,167

4,164
4,164

3,559
3,559

3,559
3,559

3,071
3,071

－
6,154
3,964

－
5,723
3,562

－
6,001
3,900

－
6,090
3,900

－
－
509
1,681

－
－
479
1,681

－
－
419
1,681

－
6,187
3,900
132
－
473
1,681

－
－
508
1,681

－
20,216
1,441
18,523
252
30,53913,290－20,216
1,441
18,523
252
30,10423,086－
20,216
1,441
18,523
252
29,777
17,276－
20,216
1,441
18,523
252
29,963
19,837－
20,301
1,441
18,608252
29,46321,753

6th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

34

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020
35,34010,9508th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

35,16011,83130,378
8,454

34,981
10,801－
46,291

30,5338,305
338,842－
46,993－38,832－45,783

3,816
3,816

3,816
3,816

3,330
3,330

3,330
3,330

2,886
2,886

－
3,700
3,195

－
4,909
4,432

－
4,234
3,814

－
－
504

－
－
476

－
－
420

－
5,468
4,117
875

－
4,620
3,814
293

－
475

－
512

－
－
16,132766
15,366－－
16,198766
15,432－－
16,211766
15,445－－
16,211766
15,445－－
16,211766
15,445－23,64922,642－
24,924
13,918－23,77623,217－25,01013,821－
23,71822,064

S-12 CS Kannami-cho Power Plant

S-10 CS Minamishimabara-shi Power Plant (East and West)
Accounting Item

6th FP
Accounting Item

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

63,166
13,84065,18829,48862,844
32,63264,856
18,371

62,52133,501－77,006－
94,677－
95,476－
83,227－96,023

7,296
7,296

7,296
7,296

6,244
6,244

6,244
6,244

5,400
5,400

－
10,118
5,127－
10,791
5,840
－
－
689
4,260

－
12,049
5,515
1,580

－
10,533
5,515

－
－
731
4,260

－
10,536
5,515
152
－
606
4,260

－
693
4,260

－
－
757
4,260

－
35,224739
34,235248
52,63924,367－35,224739
34,235248
53,311
41,366－35,333751
34,333248
52,11443,361－35,397755
34,392248
53,691
29,535－35,397755
34,392248
51,331
44,692

6th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

19,545
7,872

18,363
5,528

19,446
10,093

18,2706,460

19,347
9,032－
27,418－23,892－
29,539－24,731－
28,379

2,069
2,069

2,068
2,068

1,785
1,785

1,785
1,785

1,541
1,541

－
3,641
1,743

－
5,371
1,832
1,653

－
3,696
1,809

－
5,416
1,809
1,700

－
4,093
1,809
371

－
227
1,678

－
233
1,678

－
9,662
380
9,226
55
16,864
7,866

－
9,662
380
9,226
55
15,297
13,081

－
－
243
1,654
－
9,662
380
9,226
55
15,373
12,045

－
231
1,654

－
－
207
1,678

－
9,662
380
9,226
55
17,101
6,790

－
9,662
380
9,226
55
15,144
14,39535

Ⅰ. Asset Management Report
S-13 CS Mashiki-machi Power Plant

S-15 CS Tsuyama-shi Power Plant
6th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

661,218
167,511684,807309,385

657,875
313,693－828,729－994,192

83,464
83,46410th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

6th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022－
971,569

681,331250,5119
931,851654,533
369,157－
1,023,691

83,464
83,46470,99370,99370,99370,99361,54961,549－72,071
62,24498－
90,501
81,080226－
80,39670,2191,996－
80,682
71,329248－
83,17770,219
3,408

－
9,662
65

－
9,148
45

－
8,121
58

－
9,051
53

－
9,493
55

－
344,5123,531
333,078
7,902
500,048
328,680－
337,941
3,551
326,487
7,902
511,906
482,286－
338,234
3,562
326,769
7,902
489,624
481,945－
338,300
3,626
326,770
7,902
489,976
441,875－
338,329
3,646
326,780
7,902
483,056
540,634

6th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

36

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

24,321
12,54821,796
10,92924,05312,364

21,685
8,308

23,931
11,850－36,869－32,725－36,417－29,994－35,781

3,469
3,469

3,468
3,468

3,020
3,020

3,020
3,020

2,624
2,624

－
3,482
3,206

－
4,820
3,078
1,746

－
3,706
2,820
650

－
3,338
2,820
253

－
3,374
3,084

－
261
3

－
233
3

－
264

－
13,061376
12,380304
21,35011,375－
13,084376
12,403304
19,811
16,606－－275－－
12,914376
12,232
304
19,86617,003－－
13,144376
12,462304
19,502
10,492－－288
1－13,146379
12,462
304
19,145
16,636

S-16 CS Ena-shi Power Plant

S-14 CS Koriyama-shi Power Plant
Accounting Item

Accounting Item

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020
8,044
4,396

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020－
12,441

7,542
2,880
2
10,426

1,171
1,171

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021
8,003
4,148

6th FP

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022－
12,152

7,504
3,481
2
10,988

7,962
4,165
－
12,128

1,168
1,168

1,007
1,007

1,007
1,007

869
869

－
965
837

－
952
829

－
940
829

－
945
829

－
－
128

－
－
122

－
－
110

－
－
115

－
1,218
829
277

－
－
4,191
327
3,864

－
－
4,191
327
3,864

－
－
4,191
327
3,864

－
－
4,191
327
3,864

－
－
4,191
327
3,864

－
6,328
6,113

－
6,311
4,114

－
6,138
6,013

－
6,143
4,844

－
6,279
5,849

－
110

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020
26,266
14,2248th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

26,133
12,67825,353
11,281

26,0005,789－
40,49025,482
13,562
4
39,050－38,812－
36,635－31,790

3,776
3,776

3,776
3,776

3,216
3,216

3,216
3,216

2,776
2,776

－
4,288
2,772

－
4,552
3,051

－
4,666
2,912

－
－
314
1,202

－
－
298
1,202

－
4,233
2,912
122

－
8,937
2,772
4,653

－
14,510589
13,823
97
22,576
17,914－
14,510589
13,823
97
22,83916,211

－
265
933

－
－
300
1,454

－
14,510589
13,823
97
21,96016,851－
14,510589
13,823
97
22,393
14,241

－
325
1,187
－
14,510589
13,823
97
26,224
5,565

37

Ⅰ. Asset Management Report
S-17 CS Daisen-cho Power Plant (A and B)

S-19 CS Misato-machi Power Plant
6th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

6th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022

326,253
268,083

383,529
132,857

324,605
261,534

381,584
139,595

322,958
259,138－
594,336－
516,387－
586,140－
521,180－
582,096

51,761
51,761

51,76051,76044,70144,70144,70144,701

38,62338,623－54,60436,036－
61,71043,616－61,08543,044－－
5,812
12,755－－5,500
12,593－55,972
37,972567－
62,12843,632
160－
214,567
4,905
208,879
782
320,933
273,403－214,567
4,905
208,879782
328,038
188,349－
4,876
12,555－－
5,486
12,554－
214,567
4,905
208,879782
315,241
270,898－
214,568
4,905
208,880782
320,354
200,825－
5,844
12,491－
214,569
4,905
208,881782
315,321266,774

S-18 CS Takayama-shi Power Plant

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

38

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

15,3007,717

12,9396,517－
23,017

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

12,873
6,079

15,145
6,926－
19,457

15,2237,134
522,363－
18,953－22,072

2,646
2,646

2,644
2,644

2,310
2,310

2,310
2,310

2,032
2,032

－
1,506
1,315

－
1,743
1,562

－
1,680
1,499

－
－
190

－
－
181

－
3,173
1,439
1,572

－
2,318
1,425
701

－
－
7,594
176
7,345
72
11,747
11,270

－
－
7,594
176
7,345
72
11,982
7,474

－
161

－
－
180

－
－
7,595
176
7,345
73
13,079
9,283

－
－
7,600
176
7,345
77
11,591
7,362

－
191
－
－
7,602
176
7,345
79
11,953
10,118

S-20 CS Marumori-machi Power Plant
6th FP

Accounting Item

Accounting Item

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

6th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022

11,019
4,989

9,671
3,829

10,963
5,009

9,622
3,173

10,908－16,009－13,501－
15,973－
12,796－－
10,908

1,762
1,762

1,762
1,762

1,545
1,545

1,545
1,545

1,362
1,362

－
1,399
1,256

－
1,391
1,256

－
－
142

－
－
135

－
2,886
1,285
1,480

－
1,554
1,285
132

－
4,265
2,516
1,600

－
120

－
136

－
148

－
－
5,496
344
5,139
12
8,657
7,351

－
－
5,496
344
5,139
12
8,649
4,851

－
－
5,496
344
5,139
12
9,928
6,044

－
－
5,496
344
5,139
12
8,595
4,201

－
－
4,881
344
4,524
12
10,509399

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

32,391
15,151

28,1889,260

32,22815,83328,045
10,67532,065
10,421－47,542－37,448－48,061－
38,721－
42,487

5,430
5,430

5,430
5,430

4,696
4,696

4,696
4,696

4,056
4,056

－
8,059
2,797

－
13,151
2,666
5,227

－
8,215
2,865
118

－
9,100
2,865
1,040

－
11,124
3,030
3,058

－
513
4,744

－
487
4,744

－
464
4,729

－
366
4,669

－
17,051503
16,313234
35,633
1,815－
17,059503
16,320234
29,971
18,090－17,059503
16,320234
30,855
7,865－
17,059503
16,320234
32,23910,247

－
－
526
4,735
－
17,036503
16,297234
30,526
17,01639

Ⅰ. Asset Management Report
S-21 CS Izu-shi Power Plant

S-23 CS Osaki-shi Kejonuma Power Plant
6th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

6th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022

155,81384,936

141,970
69,450155,030
95,230141,256
81,935

154,247
89,977－240,749－
211,420－
250,260－
223,191－
244,225

28,252
28,252

28,252
28,252

24,32924,32924,32924,32920,967
20,967－
21,398
12,770－27,011
12,770－25,81713,018

－
－
－
8,628

－
－
3,525
10,716－27,016
13,018
1,342－
26,41813,018601－
87,776
4,082
82,271
1,421
137,427
103,322－87,776
4,082
82,271
1,421
143,039
68,380－
1,483
11,173－－
1,606
11,192－87,776
4,082
82,271
1,421
139,122
111,138－
87,776
4,082
82,271
1,421
137,922
85,268－
1,625
11,173－87,776
4,082
82,271
1,421
135,161
109,063

S-22 CS Ishikari Shinshinotsu-mura Power Plant
6th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

40

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

11,9163,884

21,501
5,871

20,656
18,94821,38914,050－15,800－27,373－39,605－35,440

－
－
－
2,639
2,074

3,102
3,102

1,741
1,741

2,311
2,311

－
13,562
4,211
8,426

－
14,206
3,111
10,127

－
6,087
3,111
1,980

－
324

－
395

－
－
165
－
400

－
600

－
366
0
600

－
6,533

－
12,493－
12,665－
12,995

－
－
－
186
6,326
20
9,173
6,627

－
－
－
361
12,091
40
29,158(1,784)－－－274
12,35040
28,614
10,990－－－527
12,42740
21,394
14,046－600

Accounting Item

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

－
－
－
－

3,741
1,510

6,756
3,764

－
5,251

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
1,054
793

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022－
10,520

6,288
2,600
18
8,907

6,664
3,964
－
10,628

745
745

745
745

654
654

－
2,602
2,182

－
1,804
1,372

－
－
61

－
－
120

－
－
131

－
3,314
1,372
1,505

－
200

－
300

－
300

－
300

－
1,858

－
3,600

－
3,600

－
3,600

－
－
－
155
1,691
12
2,913
2,337

－
－
－
300
3,276
23
6,948
3,571

－
－
－
300
3,276
23
6,150
2,756

－
－
－
300
3,276
23
7,570
3,058

－
136

S-24 CS Hiji-machi Dai-ni Power Plant
6th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

－
－
－
－

－
－
－
－

626,679
140,790

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022－
767,470

827,769
274,26860
1,102,098

851,537
470,8870
1,322,425－－－
54,99843,276－－－
96,77960,19566,926
66,926

－
3,505
－
5,791
2,400
24
301,767－
5,589
18,645
8,700
3,600
49
475,055－
97,32862,960
4,005
5,877
12,072
8,763
3,600
49
475,277－－－
72,436228,681649
356,765
410,704－－－
114,009
360,024
1,021
571,835
530,262－－－
114,025360,229
1,021
639,532
682,89341

Ⅰ. Asset Management Report
4. Capital Expenditures for Assets under Management

S-25 CS Ogawara-machi Power Plant
6th FP
Accounting Item

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

－
－
－
－

－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

(1) Scheduled Capital Expenditures

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Not applicable.

Fr. Jan. 1, 2022
To Jun. 30, 2022

76,70038,31385,86733,454

101,700
44,084
145,784－
115,013－
119,321

－
－
－
8,682
7,164

－
－
－
18,32010,308

－
－
－
117
1,400

－
－
1,626
4,285
2,100

－
34,482－
54,273－54,273－－－
4,186
29,766529
43,16571,848－－－6,589
46,850833
72,593
46,728－－－6,589
46,850833
84,446
61,338

7,251
7,251
－
22,921
11,017
2,365
－
1,129
6,310
2,100

b.Details of Investment in Operating Rights for Public Facilities
Not applicable.

d.Details of Investment in Securities
Not applicable.

Assets related to the power plants are described in “(3) Details of Assets / a. Details of Power Generation Facilities / (iii) Operational
Results of Each Power Generation Facilities (in JPY thousand)” and other assets as of June 30, 2022 are as follows.

Transaction Outside ofMarketName of infrastructure assets, etc.
(Location)
CS Mashiki-machi Power Plant(Kamimashiki-gun, Kumamoto)PurposeCS Izu-shi Power Plant(Izu-shi, Shizuoka)
CS Ishikari Shinshinotsu-muraPower Plant(Ishikari-gun Hokkaido)
CS Hiji-machi Dai-ni Power Plant(Hayami-gun, Oita)

Implementation period

Amount paid
(thousand yen)

From February 1, 2022
To February 28, 2022

2,999

Repair work for maintenance road in
the site

From April 18, 2022
To June 2, 2022

2,970

Replacement work of barbed wire offencesFrom June 27, 2022
To June 30, 2022

1,030

Remodeling work for online
curtailment

From July 1, 2021
To February 10, 2022

19,500Protection work for piping

Other Power Plants

5,650
Total

32,150(3) Cash Reserved for Long-term Maintenance Plan
Not applicable.

Contracted Amount (thousand yen)
(Note 1)

Interest Rate Swap
Total

Over 1 year
(Note 1)

(1) Summary of Expenses(in thousand yen)

9th FP
Fiscal Period
Asset Management Fee
Administrative Service Fee
Directors’ Compensation
Other Operating Expenses(4) Other Assets

Type

The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the fiscal
period under review.

5. Summary of Expenses and Debts

c.Details of Investment in Real Estate
The real estate that CSIF holds are to be provided for the use of renewable energy power generation facilities and described in “(3) Detailsof Assets / a. Details of Power Generation Facilities / (i) Summary” above.

Category(2) Capital Expenditures during the Period

Total

From July 1, 2021
To December 31, 2021
111,737
27,8502,400
66,905
208,893

10th FP
From January 1, 2022
To June 30, 2022
127,390
27,8772,400
68,326
225,994

Fair Value(Note 2)33,905,182

31,643,639-

33,905,182

31,643,639-(Note 1) The contracted amount is based on notional amount.
(Note 2) As the transaction is booked based on special treatment under the financial instrument accounting standard, the fair value is omitted.

(5) Location of Assets by Country
There is no asset in the countries outside Japan as of June 30, 2022.

42

43

Ⅰ. Asset Management Report(3) Investment Corporation Bond

(2) Summary of Debts
Category
Borrowing Date
Lender

Beginning
Balance(million yen)Ending Balance(million yen)

Average
Interest Rate (%)

Repayment Date

(Note 1)

Repayment
MethodUse

AbstractLong-term
Shinsei Bank, Ltd.
Mizuho Bank, Ltd.

1,888
1,180

1,824
1,140

Sumitomo Mitsui Banking
Corporation

1,180

1,140

786

760

1,416

1,368

MUFG Bank, Ltd.
Resona Bank, Ltd.
Orix Bank Corporation

786

760

1,416

1,368

Nanto Bank, Ltd.

1,416

1,368

The Oita Bank, Ltd.

708

684

The Shonai Bank, Ltd.

708

684

San ju San Bank,Ltd.

157

152

The Tochigi Bank, Ltd.

708

684

Shinsei Bank, Ltd.
Sumitomo Mitsui Banking
Corporation

1,424

1,380

1,424

1,380

1,645

1,594

822

797

843

816

The Hiroshima Bank, Ltd.

MUFG Bank, Ltd.
Nanto Bank, Ltd.

October 31, 2017

September 6,
2018

The Ashikaga Bank, Ltd.
The Hiroshima Bank, Ltd.

421

408

Shinsei Bank, Ltd.

1,306

1,265

Sumitomo Mitsui Banking
Corporation

1,306

1,265

Mizuho Bank, Ltd.

1,275

1,236

MUFG Bank, Ltd.

1,275

1,236

Sumitomo Mitsui Trust
Bank, Limited

1,275

1,236

Asahi Shinkin Bank

1,988

1,926

The Tottori Bank,Ltd.

1,325

1,284

1,275

1,236

994

963

662

642

The Chugoku Bank,Ltd.
The 77 Bank,Ltd.
The Oita Bank,Ltd.

March 8, 2021

The Nanto Bank,Ltd.

662

642

The Senshu Ikeda Bank,
Ltd.

662

642

The Bank of Saga,Ltd.

662

642

The Bank of Nagoya,Ltd.

662

642

The Fukuho Bank,Ltd.

473

458

The Bank of Fukuoka,Ltd.

284

275

Total

35,03733,9050.84500(Note 2)October 31, 2027

Partialamortization(Note 4)

Unsecured andno guarantee

Name of Investment
Corporation Bond

Issue date

Beginningbalance

Canadian Solar
Infrastructure Investment
Corporation / The 1st
Unsecured Bond

November 6,
2019

1,100

Canadian Solar
Infrastructure Investment
Corporation / The 1st
Unsecured Bond (Green
bond)

January 26,
2021

Total

EndingBalance

Interest
rate (%)

Redemption
date

Redemption
methodPurpose

Abstract

1,100

0.71

November 6,
2024

Bullet(Note)

Unsecuredand noguarantee

3,800

3,800

0.80

January 26,
2026

Bullet(Note)

Unsecuredand noguarantee

4,900

4,900

(million yen)(million yen)

(Note) The purpose is repayment of the debt whose maturity is approaching, payment of future acquisition cost of specified assets, payment of repair cost and capital
expenditure, and working capital.

(4) Short-term Investment Corporation Bond
Not applicable.
1.04200(Note 2)September 6, 2028

Partialamortization(Note 4)

Unsecured andno guarantee(5) Unit Acquisition Right
Not applicable.

6. Sales and Purchases during the Period(1) Summary for Sales and Purchases of Infrastructure Assets, Infrastructure-related Assets, Real Estate andAsset-backed Securities
Not applicable.

(2) Summary for Sales and Purchases of Other Assets
Not applicable.
0.81990(Note 3)

March 8, 2031

Partialamortization(Note 4)

Unsecured andno guarantee(3) Valuation of Specified Assets
Not applicable.

(Note 1) Average interest rates are based on actual number of days and weighted average. The number are rounded down.
(Note 2) For the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate swap.
(Note 3) As from March 29, 2021, for the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate swap.
(Note 4) The uses of the debt proceeds are the purchase of power plants.

44

45

Ⅰ. Asset Management Report(4) Transactions with Interested Parties

7. Summary of Accounts

a.Sales and Purchases
Not applicable(1) Summary of Assets, Liabilities, Capital and Income/Lossb.Lease(2) Change in Calculation Method of Depreciation

Please see the balance sheet, statement of income, statement of changes in unitholders’ equity, note and statement of cash distribution.

Name

Lease Income Amount(in JPY thousand) (Note)

Tida Power 01 Godo Kaisha

2,738,121

LOHAS ECE 2 Godo Kaisha

1,322,425c.Commission Paid
The summary of consignment of O&M services to stakeholders of the owing assets in the 10th fiscal period are as following.
Name(3) Change in Valuation Method of Infrastructure Assets and Real Estate
Not applicable.

(Note) The lease income amount presents the total of the base lease income amount and the performance liked lease income amount in the 10th fiscal period.

Purchase or
Sales

Not applicable.

Commission amount (in JPY thousand) (Note)

CS Shibushi-shi Power Plant

2,124

CS Isa-shi Power Plant

1,579

CS Kasama-shi Power Plant

2,914

CS Isa-shi Dai-ni Power Plant

2,862

CS Yusui-cho Power Plant

3,182

CS Isa-shi Dai-san Power Plant

3,687

CS Kasama-shi Dai-ni Power Plant

2,878

CS Hiji-machi Power Plant

4,217

CS Ashikita-machi Power Plant
CS Minamishimabara-shi Power Plant (East) / CS
Minamishimabara-shi Power Plant (West)
CS Minano-machi Power Plant

3,869(4) Company Setting Investment Trust Beneficial Securities
Not applicable.

8. Other(1) Notificationa.Unitholders’ Meeting
Any unitholders' meetings of CSIF were not held in the 10th period.
b.Board of Executives Meeting
Not applicable.

(2) Treatment of Amount and Ratio with Fractional Point
Unless otherwise described, the amounts are rounded down and the ratio are rounded up or down.

5,515
3,814

Canadian Solar CS Kannami-cho Power Plant
O&M Japan CS Mashiki-machi Power Plant
K.K.
CS Koriyama-shi Power Plant

70,219CS Tsuyama-shi Power Plant

3,084

1,809
829

CS Ena-shi Power Plant

2,772

CS Daisen-cho Power Plant (A) and (B)43,632CS Takayama-shi Power Plant

2,516

CS Misato-machi Power Plant

1,425

CS Marumori-machi Power Plant

3,030

CS Izu-shi Power Plant

13,018CS Ishikari Shinshinotsu-mura Power Plant

3,111

CS Osaki-shi Kejonuma Power Plant

1,372

CS Hiji-machi Dai-ni Power Plant

62,960CS Ogawara-machi Power Plant

11,017(Note) The commission amount presents the commission amount for each owing asset in the 10th period.

(5) Asset Manager’s Transaction Related to Asset Manager’s Other Business
Asset Manager doesn’t conduct any of the type1 and type2 financial instrument exchange business, real estate transaction business andspecified joint real estate ventures. There was no applicable transaction during the period.

46

47

Ⅱ. Balance Sheet(Unit: thousand yen)

9th Period(December 31, 2021)

9th Period(December 31, 2021)

Assets5,101,023

5,082,280

Operating accounts receivable

757,343

1,148,662

Prepaid expenses

223,542

163,589

Other current assets

59,13075,513

Total current assets

6,141,040

6,470,046

Fixed Assets

Accumulated depreciation
Structures, net

1,048,112

1,055,391(149,698)(171,352)

898,414884,038

Accumulated depreciation

42,462,893(6,462,147)

42,434,266(7,330,697)

Machinery and equipment ,net

36,000,745

35,103,568

Accumulated depreciation

590,890(90,792)

591,024(102,728)

Tools, furniture and fixtures, net

500,097488,296

4,505,944
6,567,393

4,505,944
6,569,721

Machinery and equipment

Tools, furniture and fixtures

Land
Structures in trust
Accumulated depreciation(198,477)(319,920)

Structures in trust, nett

6,368,915

6,249,801

Accumulated depreciation

20,271,746(703,763)

20,291,246(1,126,547)

Machinery and equipment in trust ,net

19,567,983

19,164,699

Accumulated depreciationt

93,540(3,195)93,540(5,114)Tools, furniture and fixtures in trust, netLand

90,34588,425Land in trust

4,769,905

4,769,905

Total property and equipment

72,702,352

71,254,680

Machinery and equipment in trust

Tools, furniture and fixtures in trust

Intangible assets
Leasehold rights
SoftwareTotal intangible assets

Current liabilities
Accounts payable – operating
Current portion of long-term loans payable

1,156,923

780

2,761

1,156,878

1,159,685

69,7392,248,718

2,261,543

157,466

171,689

Accrued expenses

101,743

137,675

944

852

304,665

148,202

Consumption tax payable
Deposits received

1,010

485

2,861,797

2,790,188

Investment corporation bond

4,900,000

4,900,000

Long-term loan payable

32,788,321

31,643,639

Total non-current liabilities

37,688,321

36,543,639

40,550,118

39,333,827

40,631,004

40,631,004

Total current liabilities
Non-current liabilities

Total liabilities
Net assets
Unitholders' equity
Unit holders’ capital
Deduction from unitholders’ capital(1,670,370)(1,998,255)

Unitholders’ capital (net value)

38,960,634

38,632,749

Unappropriated retained earnings (Accumulated deficit)

1,122,287

1,509,284

Total surplus

1,122,287

1,509,284

40,082,921

40,142,034

Surplus

Total unitholders' equity
1,156,098

47,248

Accounts payable – other

Income taxes payable

Property and equipment
Structures

10th Period(June 30, 2022)

Liabilities

Current Assets
Cash and bank deposit(Unit: thousand yen)

10th Period(June 30, 2022)

Total net assets
Total liabilities and net assets※1

40,082,921
80,633,040※1

40,142,034
79,475,861

Investments and other assets
Long-term prepaid expenses

558,869

520,335

Investment in capital

10

10Deferred tax assets

16

12Long-term deposit

15,60015,600

Guarantee deposits

37,79037,790Total investment and other assets

612,285573,747

74,471,517

72,988,113

Investment corporation bond issuance cost

20,481

17,701

Total deferred assets

20,481

17,701

80,633,040

79,475,861

Total fixed assets
Deferred Assets

Total Assets

48

49

Ⅲ. Statement of Income

Ⅳ. Statements of Changes in Unitholders’ Equity(Unit: thousand yen)

9th period(from July 1, 2021
to December 31, 2021)

9th Fiscal Period (From July 1, 2021 to December 31, 2021)

10th period(from January 1, 2022
to June 30, 2022)

Unitholders’ equity
Unitholders’ capital

Operating revenues
Rental revenues of renewable energy power generation facilities, etc.

※1

Total operating revenues

3,587,363※1

3,587,363※12,033,809

4,060,575※1

2,090,621

Balance as of July 1,
2021

Deduction fromunitholders’capitalSurplus
Unitholders’capital(net)

Capital surplus
or loss

Total surplus

Totalunitholders’equityTotal net assets

40,631,004(1,313,100)

39,317,904

1,073,432

1,073,432

40,391,337

40,391,337

Changes of items
during the period

Asset management fee

111,737

127,390

Distribution inexcess of earnings－(357,270)(357,270)－－(357,270)(357,270)

Administrative service fees

27,85027,877

Dividend of surplus

－

－

－

(1,073,357)(1,073,357)(1,073,357)(1,073,357)

Director’s compensation

2,400

2,400

1,122,211

1,122,211

1,122,211

Taxes and duties

163

65

Other operating expenses

66,741

68,261

Total operating expenses

2,242,703

2,316,616

1,344,659

1,743,958

26

26

-

0

8,194

-

Operating income or loss
Non-operating incomesInterest income
Dividends
Insurance income
Interest on refund

327-

Other non-operating income

411

3,259

Total non-operating income

8,960

3,285

Interest expenses

160,345

151,215Interest on investment corporation bond

19,262

18,947

Amortization of investment corporation bond issuance cost

2,779

2,779

Borrowing-related expenses

37,76637,730Loss on retirement of non-current assets

10,30926,635Non-operating expenses

Total non-operating expenses

230,463

237,310

Ordinary income

1,123,156

1,509,933

Income before income taxes

1,123,156

1,509,933

Income taxes - current

948

856

Income tax - deferred(3)

4

Total income taxes
Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)

50

Unitholders’capital

4,060,575

Operating expenses
Rental expenses of renewable energy power generation facilities, etc.

(Unit: thousand yen)

944

861

1,122,211

1,509,072

75

211

1,122,287

1,509,284

Net Income
Total changes of
items during theperiodBalance as ofDecember 31, 2021

－

－

－

1,122,211－(357,270)(357,270)

48,854

48,854(308,415)(308,415)*1 40,631,004(1,670,370)

38,960,634

1,122,287

1,122,287

40,082,921

40,082,921

10th Fiscal Period (From January 1, 2022 to June 30, 2022)(Unit: thousand yen)

Unitholders’ equity
Unitholders’ capital
Unitholders’capitalBalance as of January
1, 2022

Deduction fromunitholders’capitalSurplus
Unitholders’capital(net)

Capital surplus
or loss

Total surplus

Totalunitholders’equityTotal net assets

40,631,004(1,670,370)

38,960,634

1,122,287

1,122,287

40,082,921

40,082,921

Distribution inexcess of earnings－(327,884)(327,884)－－(327,884)(327,884)

Dividend of surplus

－

－

－

(1,122,075)(1,122,075)(1,122,075)(1,122,075)

Net Income
Total changes of
items during theperiodBalance as of June 30,
2022

－

－

－

1,509,072

1,509,072

1,509,072

1,509,072－(327,884)(327,884)

386,996386,996

59,112

59,112*1 40,631,004(1,998,255)

38,632,749

1,509,284

1,509,284

40,142,034

40,142,034

Changes of items
during the period

51

Ⅴ. Notes
Summary of Significant Accounting Policies (from July 1, 2021 to December 31, 2021)

52

Summary of Significant Accounting Policies (from January 1, 2022 to June 30, 2022)

1.Method of depreciation and amortization of
non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures…………………………………… 22 - 25 years
Machinery and equipment………………… 22 - 25 years
Tools, furniture and fixtures………………… 22 - 25 years
Structures in trust…
24 - 30 years
Machinery and equipment in trust……
24 - 25 years
Tools, furniture and fixtures in
24 - 25 years
trust…………………
(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software…………………………………… 5 years(3) Long-term prepaid expenses
The straight-line method is adopted

1.Method of depreciation and amortization of
non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures…………………………………… 22 - 25 years
Machinery and equipment………………… 22 - 25 years
Tools, furniture and fixtures………………… 22 - 25 years
Structures in trust…
24 - 30 years
Machinery and equipment in trust……
24 - 25 years
Tools, furniture and fixtures in
24 - 25 years
trust…………………
(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software…………………………………… 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2.Method of deferred assets amortization

Investment corporation bond issuance cost
The straight-line method over the period until the redemption date is adopted.

2.Method of deferred assets amortization

Investment corporation bond issuance cost
The straight-line method over the period until the redemption date is adopted.

3.Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among other taxes,on the infrastructure assets held, of the tax amount assessed and determined, the amountcorresponding to the calculation period is accounted as rental expenses. In addition,
reimbursement such as fixed assets tax, which is paid to the seller and other persons on theacquisition of infrastructure assets and other assets (“the amount equivalent to the fixed assets
taxes and other taxes”) is not recognized as rental expenses but included in the acquisition cost of
the concerned infrastructure assets and other assets.

3.Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among other taxes,on the infrastructure assets held, of the tax amount assessed and determined, the amountcorresponding to the calculation period is accounted as rental expenses. In addition,
reimbursement such as fixed assets tax, which is paid to the seller and other persons on theacquisition of infrastructure assets and other assets (“the amount equivalent to the fixed assets
taxes and other taxes”) is not recognized as rental expenses but included in the acquisition cost of
the concerned infrastructure assets and other assets.

4.Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:･Hedging instruments…Interest rate swap transaction･Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles ofIncorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus the evaluationof effectiveness is omitted.

4.Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:･Hedging instruments…Interest rate swap transaction･Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles ofIncorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus the evaluationof effectiveness is omitted.

5.Other significant matters serving as thebasis for preparation of financial statements

Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants, allassets and liabilities within entrusted assets as well as all revenue and expense items which
occur to entrusted assets are recorded as the respective account titles on the balance sheet andstatements of income. The following important account titles among the entrusted assets which
are recorded as the respective account titles are separately indicated on the balance sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures in trust, Landin trust.

5.Other significant matters serving as thebasis for preparation of financial statements

Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants, allassets and liabilities within entrusted assets as well as all revenue and expense items which
occur to entrusted assets are recorded as the respective account titles on the balance sheet
and statements of income. The following important account titles among the entrusted assets
which are recorded as the respective account titles are separately indicated on the balance
sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures in trust, Landin trust.

53

Ⅴ. Notes
Notes on Changes in Accounting Policies
From July 1, 2021
to December 31, 2021
(1) Application of Accounting Standard for Revenue Recognition, etc.
CSIF has applied the “Accounting Standard for Revenue
Recognition” (ASBJ Statement No. 29, March 31, 2020) andrelevant ASBJ regulations effective from the beginning of the fiscal
period under review, and it has recognized revenue at the time thecontrol of promised goods or services is transferred to thecustomer at the amount expected to be received upon exchangeof said goods or services. This change has no impact on thefinancial statements of the fiscal period under review.
(2) Application of Accounting Standard for Fair Value Measurement,
etc.
CSIF has applied the “Accounting Standard for Fair Value
Measurement” (ASBJ Statement No. 30, July 4, 2019) andrelevant ASBJ regulations from the beginning of the fiscal period
under review, and it has applied the new accounting policy
provided for by the Accounting Standard for Fair Value
Measurement, etc. prospectively in accordance with thetransitional measures provided for in paragraph 19 of the
Accounting Standard for Fair Value Measurement, and paragraph44-2 of the “Accounting Standard for Financial Instruments” (ASBJ
Statement No. 10, July 4, 2019). This change has no impact on thefinancial statements of the fiscal period under review.

(Unit: thousand yen)

From January 1, 2022
to June 30, 2022

A. Operating revenue from the rental business of renewable energy
power generation facilities, etc.
Rental revenue of renewable energy power generation facilities,
etc.
(Basic rent)

2,614,668

2,610,799

972,297

1,449,747

396

28

3,587,363

4,060,575(Management entrustment expenses)

254,872

257,667(Repair and maintenance costs)

17,027

25,664(Taxes and duties)

194,394

243,240(Variable rent linked to actual output)(Incidental income)－

Total operating revenue from the rental business of renewableenergy power generation facilities, etc.
B. Operating expenses from the rental business of renewable energy
power generation facilities, etc.
Rental expenses of renewable energy power generation
facilities, etc.

(Unit: thousand yen)

As of June 30, 2022
50,00054*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
From July 1, 2021
to December 31, 2021

Notes to Balance Sheet*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
As of December 31, 2021

Notes to Statement of Income

From January 1,2022
to June 30, 2022

50,000(Utilities expenses)

5,589

5,877

(Insurance expenses)

43,11037,243(Depreciation expenses)

1,451,961

1,452,362(Land rent)

60,187

61,917(Trust fees)

6,600

6,600

67

49

Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.

2,033,809

2,090,621

C. Profits and losses from the rental business of renewable energy
power generation facilities, etc. (A-B)

1,553,553

1,969,953(Other rental expenses)

55

Ⅴ. Notes
Notes to Statements of Changes in Unitholders’ Equity*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From July 1, 2021
To December 31, 2021

From January 1, 2022
To June 30, 2022

Total number of authorized investment units

10,000,000 unit

10,000,000 unit

Total number of investment units issued andoutstanding

386,656 unit

386,656 unit

Notes on Tax Effect Accounting
1.Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)

Fiscal period ended

Fiscal period ended

December 31, 2021
Accrued business tax not deductible from taxable income

12

Total deferred tax assets

16

12

Net amount of deferred tax assets

16

12

2.Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of the burden of
corporate tax and other taxes after the application of tax effect accounting

Effective statutory tax rate

Fiscal period ended

Fiscal period ended

December 31, 2021

June 30, 2022

31.46%

31.46%(31.43)%(31.44)%

0.05%

0.04%

(Adjustment)
Dividends paid deductible for tax purpose
OthersRate of burden of corporate tax and other taxes after the applicationof tax effect accounting

0.08%

0.06%

Notes on Financial Instruments
For the 9th fiscal period (From July 1, 2021 to December 31, 2021)
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions, issuing investment
corporation bond or issuing investment units. The basic policy is to build stable and sound financial operations to maintain andincrease earnings in the medium to long term and grow the size and value of assets(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are exposed tointerest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through the appropriate balancing of
the loan period and the interest rate type, and diversification of lenders, and the appropriate management of various types ofindexes, especially the general application of the upper limit of the ratio of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values are reasonably
calculated. Since certain assumptions are used for the calculation of fair values, they may change if different assumptions are used.

56(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,248,718

2,250,554

1,835(2) Long-term loans payable

32,788,321

32,993,351

205,030(3) Investment corporation bond

4,900,000

4,891,090(8,910)39,937,039

40,134,995

197,955－－－

Total liabilities

June 30, 2022
16

2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of December 31, 2021 and the difference between
them. Cash and bank deposit and Operating accounts receivable whose fair values approximate to book values due to cash and being
settled in a short period are not included in the table. Long-term deposit and Guarantee deposits which has little significance is notincluded in the table.

(4) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period is applied to loans, and thus
the market value is considered to be close to the book value. Accordingly, the book value is used. In addition, for the long-term loans payable at variable interest
rates subject to the special treatment of interest rate swap (refer to (4) 2. below), the fair value is measured by discounting the total sum of the principal and interest
treated together with the said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment corporation bondFair value is based on market value.
(4) Derivative transaction
1. Those to which hedge accounting is not applied
Not applicable.
2. Those to which hedge accounting is applied(Unit : thousand yen)
Method of hedge
accounting
Special treatment ofinterest rate swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed payment/variable
receipt

Contract amount and other amounts
Major items hedged

Long-term loans
payable35,037,039

Longer than
one year

Fair value

Method ofcalculation of said
market value

32,788,321(Note)－(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters” .
(Note 2) Scheduled redemption amount of loans payables after the closing date (December 31, 2021)
Within one year

(Unit: thousand yen)

Longer than one
year, within two
years

Longer than two
years, within threeyears

Longer than three
years, within fouryears

Longer than four
years, within fiveyears

Longer than fiveyears

(1) Long-term loans payable

2,248,718

2,275,477

2,228,931

2,270,245

2,256,998

23,756,669(2) Investment corporation bond－
2,248,718－
2,275,477

1,100,000－
2,270,245

3,800,000－
23,756,669

Total

3,328,931

6,056,998

57

Ⅴ. Notes
For the 10th fiscal period (From January 1, 2022 to June 30, 2022)
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions, issuring investment
corporation bond or issuing investment units. The basic policy is to build stable and sound financial operations to maintain andincrease earnings in the medium to long term and grow the size and value of assets(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are exposed tointerest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through the appropriate balancing of
the loan period and the interest rate type, and diversification of lenders, and the appropriate management of various types ofindexes, especially the general application of the upper limit of the ratio of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values are reasonably
calculated. Since certain assumptions are used for the calculation of fair values, they may change if different assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of June 30, 2022 and the difference between them.
Cash and bank deposit and Operating accounts receivable whose fair values approximate to book values due to cash and being settled
in a short period are not included in the table. Long-term deposit and Guarantee deposits which has little significance is not included in
the table.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,261,543(2) Long-term loans payable

31,643,639

31,870,125(3) Investment corporation bond

4,900,000

4,892,630(7,370)38,805,182

39,026,504

221,322－－－

Total liabilities(4) Derivative transaction

2,263,748

2,205
226,486(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period is applied to loans, and thus
the market value is considered to be close to the book value. Accordingly, the book value is used. In addition, for the long-term loans payable at variable interest
rates subject to the special treatment of interest rate swap (refer to (4) 2. below), the fair value is measured by discounting the total sum of the principal and interest
treated together with the said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment corporation bondFair value is based on market value.
(4) Derivative transaction
1. Those to which hedge accounting is not applied
Not applicable.
2. Those to which hedge accounting is applied(Unit : thousand yen)
Method of hedge
accounting
Special treatment ofinterest rate swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed payment/variable
receipt

Contract amount and other amounts
Major items hedged

Long-term loans
payable33,905,182

Longer than
one year

Fair value

Method ofcalculation of said
market value

31,643,639(Note)－

58

Fiscal period ended

December 31, 2021

June 30, 2022

Book value (Note 2)
Beginning balance

75,265,664

73,858,451

Change during the period (Note 3)(1,407,212)(1,446,847)

Ending balance

73,858,451

72,411,603

77,172,000

76,365,000

Fair value at the end of the period(Note 4)(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus with respect to the book value and thefair value, the amount of the renewable energy power generation facilities and real estate are stated together as one.
(Note 2) The book value for the balance sheet is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended December 31, 2021 primarily consisted of the increase due to capital expenditure for photovoltaic power generation facilities (56,299
thousand yen), and the decrease due to depreciation expenses (1,451,961 thousand yen). And the change during the period ended June 30, 2022 primarily consisted of
the increase due to capital expenditure for photovoltaic power generation facilities (32,150 thousand yen), and the decrease due to depreciation expenses (1,452,362
thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles of Incorporation on the basis of theappraised value in the range stated in the valuation report with the date of the value opinion on December 31, 2021 and June 30, 2022, which was obtained fromPricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And, the fair value is the total sum of the median amount on the basis of the appraised value stated in thevaluation report with the date of the value opinion on December 31, 2021 and June 30, 2022, which was obtained from Kroll International Inc (for S-19 to S-25).The fairvalue which is the total sum of the median amount stated in the valuation report of Kroll International Inc is rounded down to the nearest million yen.

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended December 31, 2021
(the 9th period) and the fiscal period ended June 30, 2022 (the 10th period) are as stated in the “Notes to statement of income” above.
Notes on Restriction for Asset Management
Not applicable.
Notes on Related Party Transaction
For prior period (from July 1, 2021 to December 31, 2021)
Attribute

Interested
Party of
Asset
Manager

Name

Address

50F Shinjuku
Mitsui Bldg.,
Canadian Solar
Nishi-shinjuku
O&M Japan
2-1-1,
K.K.
Shinjuku-ku,
Tokyo JAPAN

Capital(in JPY
thousand)Business

100,000

Operation and
Maintenance

Number ofUnits Hold
(Held)－

Relationship
Concurrent
Position of
Executive

Business
RelationshipTransacti
onTransaction
Amount(in JPY
thousand)Account(Note 1) (Note 2)

Outsourcing
Payment
Not
of Operationof O&Mapplicable andFee
Maintenance

254,653

EndingBalance(in JPY
thousand)(Note 1)

Accounts
Payable47,248(Note 1) The amounts exclude consumption taxes.
(Note 2) The condition of transactions are referring to market prices etc.

Attribute(Note 2) Scheduled redemption amounts of loans payables after the closing date (June 30, 2022)(Unit: thousand yen)

Longer than one
year, within two
years

Longer than two
years, within threeyears

Longer than three
years, within fouryears

Longer than four
years, within fiveyears

Longer than fiveyears

(1) Long-term loans payable

2,261,543

2,267,295

2,206,896

2,301,459

2,240,050

22,627,936(2) Investment corporation bond－
2,261,543－
2,267,295

1,100,000

3,800,000

3,306,896

6,101,459－
2,240,050－
22,627,936

Total(Unit: thousand yen)

Fiscal period ended

For current period (from January 1, 2022 to June 30, 2022)(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters” .

Within one year

Notes on Investment and Rental Property
CSIF has renewable energy power generation facilities, etc. The book value change during the period and fair value at the end of theperiod are as shown below.

Interested
Party of
Asset
Manager

Name

Address

50F Shinjuku
Mitsui Bldg.,
Canadian Solar
Nishi-shinjuku
O&M Japan
2-1-1,
K.K.
Shinjuku-ku,
Tokyo JAPAN

Capital(in JPY
thousand)Business

100,000

Operation and
Maintenance

Number ofUnits Hold
(Held)－

Relationship
Concurrent
Position of
Executive

Business
RelationshipTransactionOutsourcing
Payment
Not
of Operationof O&Mapplicable andFee
MaintenanceTransaction
Amount(in JPY
thousand)Account(Note 1) (Note 2)

257,448

EndingBalance(in JPY
thousand)(Note 1)

Accounts
Payable69,739(Note 1) The amounts exclude consumption taxes.
(Note 2) The condition of transactions are referring to market prices etc.

59

Ⅴ. Notes

Ⅵ. Statement of Cash Distribution

Notes on Per Unit Information
Prior fiscal period

Current fiscal period

From July 1, 2021
to December 31, 2021

From January 1,2022
to June 30, 2022

Net assets per unit
Net income per unit

103,665 yen
2,902 yen

Net income per unit is calculated by dividing net income by theaverage number of investment units during the period.
With respect to diluted profit per unit for the period, there are no
dilutive investment units, and thus the statement is omitted.

Net assets per unit
Net income per unit

103,818 yen
3,902 yen

Net income per unit is calculated by dividing net income by theaverage number of investment units during the period.
With respect to diluted profit per unit for the period, there are no
dilutive investment units, and thus the statement is omitted.

(Note) The basis of calculation of net income (net loss) per unit is as follows.

Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders (Thousand yen)
Net income (Net loss) attributable to Common unit holders (Thousand yen)
Average number of investment units during the period (Units)

Notes on Subsequent Event after the Balance Sheet Date
For the 9th fiscal period (From July 1, 2021 to December 31, 2021)
Not applicable.
For the 10th fiscal period (From January 1, 2022 to June 30, 2022)
Not applicable.
Notes on Revenue Recognition
Not applicable.

Prior fiscal period

Current fiscal period

From July 1, 2021
to December 31, 2021

From January 1, 2022
to June 30, 2022

1,122,211

1,509,072－－

1,122,211

1,509,072

386,656

386,656

I Unappropriated retained earnings (accumulated
deficit)
II Distributions in excess of retained earnings
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Distributions in excess of retained earnings(Distributions in excess of retained earnings)
IV Retained earnings (deficit) carried forward
Calculation method for cash distributions

Fiscal Period under Review

Fiscal Period under Review(From July 1, 2021
to December 31, 2021)(From January 1, 2022
to June 30, 2022)

1,122,287,453 Yen

1,509,284,238 Yen

327,884,288 Yen
1,449,960,000 Yen(3,750) Yen
1,122,075,712 Yen(2,902) Yen
327,884,288 Yen(848) Yen
211,741 Yen
In accordance with Articles 47, Paragraph
1 of Canadian Solar Infrastructure Fund, Inc.
(“CSIF’) s Articles of Incorporation, theamount of cash distributions shall be theamount of profit in excess of an amountequivalent to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation.
Based on this policy, CSIF decided to make
distributions of ¥1,122,075,712 which is theentire amount equivalent to theunappropriated retained earnings for the
fiscal period under review of ¥1,122,287,453
excluding fractions of the distribution per unitthat are less than ¥1.
CSIF distributes cash in excess of retained
earnings every fiscal period based on the
cash distribution policy prescribed in Article
47, Paragraph 2 of CSIF’s Articles ofIncorporation. Based on this policy, CSIF
decided to make cash distributions in excessof earnings (return of capital categorized as a
distribution of the reduction in capital for
Japanese tax purposes) in the amount of¥327,884,288 which is equivalent to 22.6%of the amount of depreciation expenses
recorded for the fiscal period under review of¥1,452,355,201.
Accordingly, the distribution per unit is¥3,750.

－ Yen
1,509,118,368 Yen(3,903) Yen
1,509,118,368 Yen(3,903) Yen－ Yen(－) Yen
165,870 Yen
In accordance with Articles 47, Paragraph
1 of Canadian Solar Infrastructure Fund, Inc.
(“CSIF’) s Articles of Incorporation, theamount of cash distributions shall be theamount of profit in excess of an amountequivalent to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation.
Based on this policy, CSIF decided to make
distributions of ¥1,509,118,368 which is theentire amount equivalent to theunappropriated retained earnings for the
fiscal period under review of ¥1,509,284,238
excluding fractions of the distribution per unitthat are less than ¥1.
CSIF does not distribute cash in excess ofretained earnings based on the cash
distribution policy prescribed in Article 47,
Paragraph 2 of CSIF’s Articles ofIncorporation.
Accordingly, the distribution per unit is¥3,903.

(Note) Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the AssetManager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation facilities. The amount available for distribution shallbe calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize such policy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power Generation (P50) provided in the independent
technical report which is used as a basis for calculating rents for renewable energy power generation facilities and if actual NCF calculated based on actual power generation
during the applicable fiscal period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limit of the amount of cash
distributions for the applicable fiscal period.
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout ratio” as the amount of cash distributions for theapplicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,449,960,000 which is equivalent to 82.3% of forecast NCF amount for the fiscal
period under review of ¥1,761,854,843. Of this, ¥327,884,288 which is the amount less of distributions of profit of ¥1,122,075,712 is distributions in excess
of retained earnings.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,509,118,368 which is equivalent to 63.3% of forecast NCF amount for the fiscal
period under review of ¥2,382,855,627.

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Ⅶ. Statement of Cash Flow(unit: thousand yen)

9th period

10th period(From July 1, 2021
to December 31, 2021)(From January 1, 2022
to June 30, 2022)

Scope of funds in statement of cash
flows

Cash flows from operating activities
Income (Loss) before income taxes

1,123,156

1,509,933

Depreciation cost

1,452,355

1,452,880

2,779

2,779

Amortization of investment corporation bond issuance expenses
Interest income and dividends
Interest expenses
Other non-operating income

(26)

(26)

179,607

170,163(411)(2,394)

Loss on retirement of non-current assets

10,30926,635Decrease (Increase) in operating accounts receivable249,570(391,318)

Decrease (Increase) in account receivable

75,459-Decrease (Increase) in consumption taxes receivable

2,493,297-

Decrease (Increase) in consumption taxes payable

282,442(156,974)

Decrease (Increase) in prepaid expenses(88,078)

59,952

Decrease (Increase) in long-term prepaid expenses

38,53338,533

Increase (Decrease) in operating accounts payable(5,601)

17,432

Increase (Decrease) in accounts payable - other

30,08927,308

Increase (Decrease) in accrued expenses(12,051)

36,951Other, net(63,011)(16,908)

Sub-total

5,768,420

2,774,951

Interest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

Summary of Significant Accounting Policies

26

26(178,642)(171,183)

(864)

(948)

5,588,939

2,602,846(229,777)(37,272)

From July 1, 2021
To December 31, 2021

From January 1, 2022
To June 30, 2022

Funds (cash and cash equivalents) in statement ofcash flows consist of cash on hand, demand
deposits and short-term investments with a maturityof three months or less at the date of acquisition
that can readily be converted into cash and that are
subject to insignificant risks of changes in value.

Funds (cash and cash equivalents) in statement ofcash flows consist of cash on hand, demand
deposits and short-term investments with a maturityof three months or less at the date of acquisition
that can readily be converted into cash and that are
subject to insignificant risks of changes in value.

Notes to Statement of Cash Flows*1 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet
From July 1, 2021
To December 31, 2021
*1 Relationship between the ending balance of cash and cash
equivalents and the amounts on the balance sheet(as of December 31, 2021)
Cash and deposits
Term deposits over three months
Cash and cash equivalents(unit: thousand yen)

5,101,023－
5,101,023

From January 1, 2022
To June 30, 2022
*1 Relationship between the ending balance of cash and cash
equivalents and the amounts on the balance sheet(as of June 30, 2022)
Cash and deposits
Term deposits over three months
Cash and cash equivalents(unit: thousand yen)

5,082,280
5,082,280

Cash flows from investing activities
Purchases of property and equipment
Purchases of intangible assets－(2,500)(229,777)(39,772)

Repayment of long-term loans payable(3,439,466)(1,131,857)

Dividends paid

(1,073,357)(1,122,075)

Net cash provided by (used in) investing activities
Cash flows from financing activities

Surplus earning distribution paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the fiscal period
Cash and cash equivalents at the end of the fiscal period※1(357,270)(327,884)(4,870,093)(2,581,817)

489,069(18,743)

4,611,954

5,101,023

5,101,023※1

5,082,280(Note) The statement of cash flow is prepared based on the "Regulations Concerning Terminology, Forms, and Preparation Methods of Financial Statements" (Ministry of FinanceRegulation No.59, 1963) and attached as the reference information. This statement of cash flow is not subject to the financial audit by an accounting auditor according to the
Article 130 in the Act on Investment Trusts and Investment Corporations and so it has not undergone an accounting audit by an accounting auditor.

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